EV Startup Bounce Raises ₹36 Cr, Pivots to B2B Rentals
EV startup Bounce has raised ₹36 Cr ($3.9M) in a round led by existing investors Accel and B Capital. The company has shifted its focus to B2B EV rentals, aiming to provide last-mile delivery infrastructure for the gig economy. The move signals a strategic pivot from consumer-facing mobility to enterprise logistics.
This is not the first pivot for Bounce, which began its journey in 2014 as Wicked Ride, a high-end motorcycle rental service. The company, co-founded by Vivekananda Hallekere, Varun Agni, and Anil G, later rebranded to Bounce and shifted to a dockless scooter-sharing model for daily commutes, amassing a fleet of over 25,000 vehicles at its peak. The COVID-19 pandemic severely impacted its consumer rental business, leading to a significant scaling down of operations, fleet liquidation, and employee layoffs. This downturn prompted a major strategic shift into manufacturing its own line of electric vehicles under the brand Bounce Infinity. To enter the EV manufacturing space, Bounce acquired a 100% stake in 22Motors in 2021 for an estimated $7-10 million, which included its manufacturing plant in Bhiwadi, Rajasthan. The facility has a production capacity of over 200,000 scooters per year. The company launched its first e-scooter, the Infinity E1, with a unique battery-as-a-service (BaaS) option, allowing customers to purchase the scooter without a battery to lower costs. This latest move into B2B rentals targets the burgeoning gig economy, supplying electric scooters to delivery workers for companies like Zomato, Swiggy, and e-commerce platforms. The company aims to provide a full-stack solution, managing the fleet and offering rent-to-own options for riders. For the fiscal year ending in March 2025, the company's revenue decreased to ₹64.2 crore from ₹88.7 crore the previous year, though its net loss narrowed significantly from ₹79.4 crore to ₹28.6 crore.
