Bounce raises $105m in Series D funding round. Government might allow direct overseas listing of Indian companies.
Riding on Gold: Bengaluru-based bike rental startup Bounce has raised $105m in Series D Funding round led by Accel Partners and Facebook Co-founder Eduardo Saverin's B Capital Group. The round also saw participation from existing investors Accel Partners India, Falcon Edge, Chiratae Ventures, Omidyar Network India, Maverick Ventures, Sequoia Capital India, and Qualcomm Ventures.
The funding round takes the total capital raised till date by Bounce to $194m, and raises its valuation to $520m. Proceeds from the funding will be used to focus on deeper Electric Vehicle (EV) integration and a platform play, and push towards profitability. YourStory
Going Places: In a bid to enable Indian companies to access a larger pool of capital and facilitate their movement towards fuller capital account convertibility, the government is expected to allow direct listing of Indian companies abroad.
Currently, Indian companies go for the depository receipts route to tap investors globally.
This, along with the decision to reduce the corporate tax rate to 15% for new manufacturing companies is expected to help Indian companies go global and also ensure that they do not register in foreign locations such as Singapore.
As per sources, the government is planning to allow listing only in select jurisdictions, which may include the US, the UK, China, Japan and Hong Kong. ET Tech
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