Bounce is in advance talks to raise $20-30 million, that is around INR 244 cr within a month or two. According to two people aware of the development, it is much lower than the amount the electric scooter maker had been looking to secure earlier this year.

Sources say that new investor to lead the round while existing investors including B capital, Sequoia Capital India, Chiratae Ventures and Accel will participate.

Bounce founders had been looking to raise a much larger amount this year as the company turned up to become a maker of electric scooter. The deal is expected to be finalized next month.

The company had laid off close to 80% of its workforce last year as a part of cost cutting exercise. Bounce’s operating revenue saw drastic fall to 83%. That is roughly INR 15 cr in FY21 from INR 87.5 cr in FY20. Pandemic holds primary reason for the same.

Bounce was the only dockless self-drive scooter service in India. Founded in 2014 by Vivekananda Hallekere, (CEO and co-founder) Anil G, (COO and co-founder) and Varun Agni (CTO and co-founder. Bounce’s parent company is WickedRide Adventure Services Pvt. Ltd. Headquarter located in Bangalore.

They used patented keyless technology which lets users to book and pick up the nearest scooter and drop it off in legal parking zone. The service was available in Bangalore, Hyderabad also in tier 2 cities like Belgaum, Mysore, Hubli, Hassan and Vijayawada.

They started the bike rental service as WickedRide at first. This allowed users to take bikes outstations also. The company claimed that it was the first and the largest luxury bike rental company in India. In 2016, they launched Metro Bikes, to provide last and first mile connectivity to people looking to use public transport or to commute within the city. In September 2018, after a beta stage, they renamed this service to Bounce and with a fleet of 200 scooters introduced a dockless and keyless bike sharing service to the city of Bengaluru.