India’s Bounce raises $72 million to grow its electric scooters business

Bounce, a Bangalore-based startup that offers more than 5,000 electric scooters for rent in India, has raised $72 million to accelerate its bid to impact how people navigate India’s traffic-clogged urban areas.

The Series C funding round for the five-year-old startup was led by B Capital — the VC firm founded by Facebook co-founder Eduardo Saverin — and Falcon Edge Capital. Chiratae Ventures, Maverick Ventures, Omidyar Network India, Qualcomm Ventures, and existing investors Sequoia Capital India and Accel Partners India also participated in the round.

This new money means that the startup has raised $92 million to date. The current round valued it at more than $200 million, a person familiar with the matter said.

Bounce, formerly known as Metro Bikes, operates in Bangalore. Its app allows users to pick up a scooter and, when their ride is finished, drop it off at any parking spot. It charges customers based on the time and model of electric scooter they choose. An hour-long ride could cost as little as Rs 15 (21 cents). The startup claims it has already clocked two million rides. 

Vivekananda Hallekere, co-founder and CEO of Bounce, told TechCrunch in an interview that the startup plans to use

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