SUMMARY
While new investors will lead the funding round, it will also see participation from existing investors like Peak XV Partners, Accel Partners, and Falcon Edge
The startup intends to close the funding round in the next three months and will use the fresh funds to increase its manufacturing capacity
While Bounce Infinity currently generates most of its revenue through B2C sales, it is now looking to ramp up its B2B business
Bengaluru-based electric vehicle (EV) manufacturer Bounce Infinity is in talks with new as well as existing investors to raise a funding round of $20 Mn to $40 Mn, sources told Inc42.
The new investors will lead the funding round, as per the sources. However, Inc42 couldn’t ascertain their names. The round will also see participation from existing investors like Peak XV Partners, Accel Partners, and Falcon Edge.
“Bounce Infinity is holding talks with external investors to lead this funding round. The market will decide the startup’s valuation,” one of the sources said.
The startup intends to close the funding round in the next three months and will use the fresh funds to increase its manufacturing capacity.
While Bounce Infinity currently generates most of its revenue through B2C sales, it is now looking to ramp up its B2B business. It is also testing some new products and is eyeing a foray in the international market, another source said.
A query mail sent to Bounce Infinity on the development didn’t elicit any response till the type of publishing this story.
Bounce Infinity last raised $20 Mn from its existing investors in January last year.
Recently, the startup inked an agreement worth $45 Mn with Sun Mobility to deploy 30,000 escooters in the latter’s key markets such as Bengaluru, Hyderabad, Mumbai, Pune, and Delhi NCR. Inc42 has learnt that Bounce Infinity will receive the entire deal amount over the next 18 months.
It is pertinent to note that the EV startup’s swappable battery technology is powered by Sun Mobility.
Earlier this month, Bounce Infinity also announced the launch of portable liquid-cooled battery technology in collaboration with Clean Electric.
Founded in 2014 by Anil G, Varun Agni, and Vivekananda Hallekere, Bounce began operations as a bike rental platform. However, it pivoted to become an EV manufacturer in 2022.
The startup sold 3,429 escooters in the financial year 2023-24 (FY24). Meanwhile, its net loss declined 19% to INR 197 Cr in FY23 from INR 243.3 Cr in the previous fiscal year. Sales zoomed 510% to INR 90.9 Cr during the year under review from INR 14.9 Cr in FY22.
