Bounce is running out of cash

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Editor's note: During a recent all-hands call, Vivekananda Hallekere, co-founder and CEO of Bengaluru-based mobility firm Bounce, told employees that there was no cash in the company, according to an industry expert.  Bad as it might seem, the news doesn’t come as a surprise. At least six people, including the firm’s former employees and independent industry experts, said the company is cash-strapped. They all requested anonymity. According to data from Venture Intelligence, Bounce last raised $99 million in a Series D funding round led by Accel India and B Capital Group in January 2020, a couple of months before India went into a lockdown due to the COVID-19 pandemic. It has been trying to raise fresh funding for a while now, but all its efforts have proved futile. Even the existing investors are not topping up.   In April, The Economic Times reported that Bounce was looking to raise $100 million this year to launch new products and expand its battery-swapping network. That plan doesn’t seem to have taken off. A little over two weeks ago, YourStory reported that the company was in …