Bangalore-based Wicked Ride Adventure Services Pvt. Ltd, which operates online rental service for scooters and motorcycles via app called ‘Bounce’, is raising an $80 million funding round from its existing investors – Sequoia Capital, Accel Partners and Chiratae Ventures, as well as three new investors — Maverick Capital Ventures, Falcon Edge Capital and B Capital Group, reported LiveMint citing three people aware of the matter.
Existing investor Sequoia and Accel Growth, the fifth growth-stage venture fund of Accel, will together finance the half of the funding round amount at a $200 million post-money valuation.
“There was very significant investor interest, with discussions driven by Sequoia. The company clocks 20,000-30,000 rides a day, and is growing very fast” said the report quoting one of the three source.
It is to be noted that on Monday, Bounce said that it has raised venture debt financing of about $3 million from Innoven Capital, which provides debt to startups.
“Most growth stage startups these days take some debt just before or after an equity round to avoid excessive stake dilution,” said the report quoting a person privy to discussions.
Bounce last raised $12.2 million in Series A round of funding in August last year which was led by Sequoia and Accel, closely after which it raised $3 million in debt from InnoVen Capital.
Founded in 2014, Bounce as earlier known as ‘Metro Bikes’ and has raised a total of $29.2 millin in funding over five rounds.
In November last year, Bounce has acquired ofo India, a dockless bike rental company which operated as a subsidiary of China-based ofo Inc.