Bounce Infinity, an electric scooter and swappable-battery company, has raised $20 million (Rs 163 crore) from its existing investors, including Sequoia, according to three people directly involved in the matter.
This deal is expected to provide a critical cash runway for the startup while it continues talks for a potentially larger round with external investors or even a strategic sale, they said.
Vivekananda Hallekere, the company’s co founder and CEO, confirmed the fundraising stated that the Bengaluru-based company had already closed the first tranche of this round, but denied that it was considering an outright sale. He also confirmed the participation of Sequoia, one of the company’s largest backers, in the latest round, ET reports.
“We are not in talks with anyone to sell the company,” Hallekere said, declining to specify how much was secured in the first tranche of the ongoing round or at what valuation.