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Saturday, June 3, 2023

Bounce looks to raise $20mn for its electric vehicle business; will go public

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A startup in the e-mobility industry, Bounce, is expected to raise  $20 million in a new round of funding. The company is to looking to go public with an IPO.

Bounce, a startup in the e-mobility industry, is reportedly on the verge of concluding its latest Series E funding round at a whopping $20 million. The funding round is said to have attracted the participation of Sequoia Capital India, a current investor, as well as other investors. The startup is reportedly aiming to go public with an initial public offering (IPO) within the next few years.

According to a recent RoC filing with the Ministry of Corporate Affairs, Bounce has successfully secured $5.3 million out of the $20 million it aimed to raise in March of this year. Since its inception in 2014 as a company that facilitated two-wheeler bookings, the startup has managed to secure an impressive sum of almost $200 million in funding.

The company’s Series D round, which was concluded just prior to the onset of the pandemic, has been successfully concluded at a value of $105 million. As per the latest financial report, the company has reported a consolidated loss of Rs 243.3 crore for the fiscal year ending on March 31, 2022. This figure is lower than the loss of Rs 305.6 crore reported during the same period in the previous year.

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