Bounce Looking To Raise $100 Million In Funding

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Hallekere mentioned the corporate has captured on-ground information after operating electrical autos for 45 million km

EV mobility firm Bounce is looking to expand its presence in the EV industry of the country, for which it is eyeing an fundraiser of $100 million in the upcoming months.

As per a report by ET, the company is within the subsequent few months to launch new merchandise and develop its battery-swapping community. The Bengaluru-based firm goals to strengthen its product portfolio and deploy 3 million batteries via its swapping community throughout the nation over the following three years.

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Bounce has recorded 1.1 million swaps within the final 15 months, which it mentioned is the best within the nation. The firm has arrange 300 stations for battery swapping in Bengaluru and targets increasing the service to New Delhi, Pune, Ahmedabad and Hyderabad over the following few months.

“We want to establish an interoperable battery-swapping network for electric two-wheelers, electric three-wheelers and e-rickshaws across the country in such a manner that users have access every 1 km,” mentioned Vivekananda Hallekere, cofounder and CEO of Bounce. “We plan to deploy around 3 million batteries for 2-2.5 million vehicles in the next three years.”

Hallekere mentioned the corporate has captured on-ground information after operating electrical autos for 45 million km, foundation which it has made some suggestions to the federal government for its upcoming coverage on battery swapping.

Bounce, which acquired 22Motors in a deal valued at round $7 million, has capability to produce 220,000-240,000 models every year at its manufacturing facility in Bhiwadi, Rajasthan.

The firm, which recorded a pre-Covid turnover of $28 million from rental of electrical two-wheelers, just lately launched its first electrical scooter, Bounce Infinity E1. The firm has registered round 40,000 bookings for the product, deliveries of which is able to begin from April 18.

Bounce has thus far raised a complete of $200 million from a clutch of buyers, together with Accel Partners, Sequoia Capital, Qualcomm Ventures and B Capital.

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