M&A
Bounce close to acquiring EV maker 22 Motors
Bangalore-based scooter rental startup Bounce, which has been in stealth mode for over a year, is in the last leg to acquire Haryanad-headquartered 22 Motors in a cash and stock deal. The deal is likely to be finalized in the range of USD 7-10 million. Post the deal, 22 Motors' co-founder Farhaan Shabbir along with the team of 25 to 30, would join Bounce. Bounce was also in talks to acquire Coimbatore-based e-scooter manufacturer Booma Motors. However, the talks didn't materialise. Bounce has also hit the market to raise a new round and talks with potential investors are in the early stage. Bounce had raised its last equity round worth USD 105 million in January 2020. The company had managed to get USD 6.5 million in debt funding from existing investor InnoVen Capital in March last year. It has raised around USD 200 million in equity and debt rounds since its inception.
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