Saturday, March 2, 2024
Business News

EV firm Bounce Infinity raises $20 mn from Sequoia

Bounce Infinity, the electric scooter startup, has raised $20 million in a funding round led by Sequoia Capital and other existing investors, according to a report in The Economic Times. The investment comes just weeks after Bounce was forced to lay off around 3-4% of its workforce as part of a company-wide restructuring effort.

Bounce, which was founded in 2014, provides a platform for electric scooter rental services in India. The company operates a fleet of over 40,000 scooters across 10 cities and has become one of the largest electric scooter rental platforms in the country.

The latest funding round is seen as a positive sign for the company, which has been facing increasing competition from other players in the electric scooter market. With the new funds, Bounce will be able to further invest in its technology, marketing, and expansion efforts.

In addition to the investment, the report also states that Bounce is in talks with external investors for a potentially larger fundraising round. The company has not yet commented on the report, but sources close to the matter have confirmed that the talks are ongoing.

Sequoia Capital, which led the latest funding round, has been a long-time investor in Bounce. The company first invested in the scooter startup in 2018 and has been a key player in helping it to grow and expand. Sequoia has a long history of investing in promising startups and has been involved in some of the biggest tech companies in the world, including Apple, Google, and Airbnb.

Bounce’s latest funding round is also a positive sign for the electric scooter market, which has seen rapid growth in recent years. The market is expected to continue to grow as more people adopt electric scooters as a mode of transportation and as cities continue to embrace sustainable transportation options.

Bounce is not the only company in the electric scooter market to receive significant funding in recent months. Other players in the market, including Lime, Bird, and Razor, have also received substantial investments from investors, signaling the growing popularity of electric scooters and the potential for the market to continue to grow in the coming years.

The latest funding round for Bounce Infinity is a significant milestone for the company and the electric scooter market as a whole. The investment will help the company to continue its growth and expand into new markets, while also showing the potential for the electric scooter market to continue to grow and thrive in the years to come.