An electric scooter company and swappable battery company, Bounce Infinity, has raised $20 Million from its existing investors including Sequoia.
They said that the deal will provide critical cash runways for the startup, while it talks for an external round or a strategic sale.
Vivekananda Hallekere, co-founder and CEO of the company, confirmed that the Bengaluru-based company had closed the first tranche. However, it denied that it was looking at an outright sale. Though, Sequoia, the largest backer of the company, was a part of the latest round.
Hallekere stated that they are not in negotiations to sell the company. He declined to give details about how much was secured in tranche one of the ongoing rounds, or what the valuation was.
According to a source, three new vehicles will be launched this year. This source claims that the company is looking to expand its export market. The company has sent shipments 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 Bounce’s investors. It has raised over $220 million so far.
Bounce Infinity’s EV plans also included the creation of a network for battery swapping. The company could sell scooters with no batteries, thereby significantly lowering their price. The company could offer customers the opportunity to rent batteries that are charged from its network, much like how petrol-powered scooters can be refueled.