Bike-sharing startup Bounce has raised $72 million in Series C funding led by Facebook co-founder Eduardo Saverin's B Capital and Falcon Edge Capital.

The company, which competes with Yulu Bikes, Vogo and other bike-sharing startups, plans to use the new financing for expansion to multiple cities and fortify its dock-less technology.

Existing investors Accel Partners India, Accel Partners USA, Chiratae Ventures, Maverick Ventures, Omidyar Network, Sequoia Capital and Qualcomm Ventures also participated in the round.

With the Series C round, Bounce's total funding comes to $92 million.

Founded in 2014 by Vivekananda HR, Anil G and Varun Agni, Bounce offers a keyless technology, which allows users to pick up and drop the scooters, bicycles or electric scooters anywhere in the city at any time.

The company recently crossed 2 million rides in Bangalore, and with the new capital, it is now planning to expand to other cities.

Bounce has over 5000 keyless scooters in Bangalore and plans to introduce more than 50,000 vehicles during the current year. It is also looking to grow its share of e-scooters.

Micro-mobility in metros has seen a major uptick in recent months, though some Chinese ride-sharing companies such as Ofo burnt their fingers in India before Bounce bought Ofo's India assets last year.