ADVERTISEMENT

Bounce may get funding from Facebook co-founder's VC firm; Drivezy seeks fresh funds

Bounce may get funding from Facebook co-founder's VC firm; Drivezy seeks fresh funds
Photo Credit: VCCircle

Bengaluru-based Wickedride Adventure Services Pvt. Ltd, which operates dockless scooter and bicycle sharing platform Bounce, is in talks with Facebook co-founder Eduardo Saverin’s venture fund B Capital Group to raise funding, a media report said.

B Capital is likely to participate in a $50-million (Rs 348 crore) funding round for Bounce, Mint reported, citing three people familiar with the matter.

The report comes after TechCircle said in December that Bounce was looking to raise $50 million from new and existing investors. Bounce’s existing investors were likely to invest $30-35 million in the new round, TechCircle said at the time.

According to Mint, Bounce was also talking to several other investors from the US, Taiwan and Japan, and that the company may end up raising as much as $70 million. 

Email queries sent to Bounce seeking more information in this regard did not elicit a response till the time of publishing this report.

Bounce was started in 2014 by Vivekananda Hallekere along with Varun Agni and Anil G. The company initially offered motorbikes and scooters on rental primarily for urban commuters. It tweaked its business model to the dockless scooter sharing service but has continued to run its rental business.

In November 2018, Bounce acquired the India assets of Chinese bicycle sharing unicorn Ofo, which winded up operations in the country in July.

In September 2018, Bounce secured $3 million in venture debt from InnoVen Capital. The month before, it raised $12.2 million in a round co-led by Sequoia Capital India and Accel.

Drivezy

Self-drive vehicle rental platform Drivezy is looking to raise about $100 million in equity funding and another $400 million in asset financing to expand its domestic and international presence, multiple media reports said.

The fresh funding will value Drivezy, operated by Bengaluru-based AS Justride Tours and Travels Pvt. Ltd, around $400 million, TechCrunch reported, citing Ankur Sengupta, the head of business development.

The Economic Times reported, citing Drivezy co-founder and CEO Aishwarya Singh, that the company is in advanced stages of closing the funding round. The report said that the company aims to increase the number of vehicles listed on its platform to 80,000 by March 2020.

Drivezy (formerly JustRide) was founded in April 2015. The company started off as a platform that allowed individual car owners to list their idle vehicles for rent. It then included two-wheelers on its platform. In February 2018, the firm launched a one-way car rental service.

In November last year, the company raised $20 million from existing Japanese investor Das Capital and others such as bike maker Yamaha. It secured an additional $100 million in an asset financing deal from Harbourfront Capital - a subsidiary of Anypay Inc. 

Share this Post

Comment(s)

ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT