Bounce Infinity, an electric scooter and removable battery company, has raised $20 million from existing investors, including Sequoia.
They said the deal would provide the startup with a significant cash runway while discussing an external round or strategic sale.
Co-founder and CEO of the company, Vivekananda Hallekere, confirmed that the Bangalore-based company has completed its first tranche. However, it denied consideration of direct sales. However, the company’s biggest supporter, Sequoia, was part of the latest round.
Hallekere said it was not in talks to sell the company. He declined to provide details of the amount of money he secured in one tranche of the ongoing round or the valuation.
According to sources, three new models will be launched this year. The source claims the company wants to expand its export market. The company ships to South Africa, Nepal, Kuwait, South America, and Sri Lanka.
Innoven Capital, B Capital, Accel, Falcon Edge, Qualcomm, Maverick Capital, Chirate, and Omidyar Network are investors in Bounce. As of now, it has raised more than $220 million.
EV plans for Bounce Infinity also include building a battery swap network. The company can sell the scooter without the battery, which can bring the price down significantly. The company could offer customers the option of renting batteries that charge from the grid, similar to how they refuel petrol-powered scooters.
Check out these videos to learn more about Bounce Infinity.
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