Bounce Infinity, a manufacturer of electric scooters with swappable batteries, has received $20 million (Rs 163 crore) in capital from its current backers, including Sequoia, according to three people with direct knowledge of the situation.
According to them, this agreement would give the firm a significant liquidity runway as it continues discussions for a potential bigger round with outside investors or possibly a strategic sale.
Vivekananda Hallekere, co-founder and CEO of the company, acknowledged the funding as per reports and said the Bengaluru-based business has already closed the first tranche of this round. He denied, however, that it was considering an outright sale. In addition, he stated that Sequoia, one of the company’s biggest sponsors, took part in the most recent round.
Hallekere refused to provide specifics on the sum obtained in the first tranche of the current round as well as the valuation at which it was secured, saying only that “we are not in talks with anyone to sell the company”.
In order to save expenses, the corporation let go of over 100 permanent staff as well as a sizable number of contract workers earlier this month, according to those in the know. According to a former employee, the layoffs mostly affected the Bengaluru office and affected individuals in the R&D, design, and sales departments. “Electric vehicles are not an easy business. There were excess expenses, and they got too many people onboard,” the former employee said as per sources.
