Electric mobility startup Bounce has secured $5 million in an internal funding round, stated founder Vivekananda Hallekere in a post on X, as the Bengaluru-based firm works to recover following the pandemic's disruption of its scooter-sharing operations.

Hallekere mentioned that the new funds are provided by current investors, though he did not reveal who they are. Bounce is supported by venture capital firms including Accel, Peak XV Partners, B Capital, Chiratae Ventures, Falcon Edge Capital, Qualcomm Ventures, Omidyar Network, and Maverick Capital.

Internal rounds usually consist of current shareholders providing more funds without introducing new investors, commonly a method for startups to prolong their runway while managing strategic changes.

The financing arrives as Bounce seeks to transform itself following the downfall of the dockless scooter-sharing paradigm that previously established it as one of India's most prominent urban mobility startups.

Bounce has its roots in Wicked Ride, a high-end motorcycle rental service established in 2014 by Hallekere and his co-founders. The company first leased premium performance motorcycles to enthusiasts before shifting to city commuting.

The company eventually changed its name to Bounce and launched dockless scooter rentals, enabling riders to unlock scooters via a mobile app and park them at specified locations throughout the city. The model rapidly gained popularity in Bengaluru and other cities, providing a cost-effective option for nearby travel.

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Before the pandemic, Bounce had tens of thousands of scooters in operation and catered to high volumes of daily rides, establishing itself as one of the largest shared-mobility platforms in India.

In 2019, Bounce secured roughly $72 million in a Series C funding round, with support from investors such as Accel, Sequoia Capital India (now Peak XV Partners), Qualcomm Ventures, Chiratae Ventures, Falcon Edge Capital, B Capital, and Omidyar Network.

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The firm succeeded that with a $105 million Series D funding round in 2020, spearheaded by Accel and B Capital, raising the startup’s overall funding to over $190 million and assessing the company’s worth at approximately $500 million.

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Previous funding rounds had similarly received support from Chiratae Ventures, Omidyar Network, and Qualcomm Ventures, indicating robust investor trust in shared urban mobility during that period.