Bounce Layoffs
June 2020
Bounce announced a layoff affecting 130 employees (22% of its workforce) in June 2020. The company operates in the Transportation sector.
130
22%
Jun 29, 2020
Company Information
- Industry
- Transportation
- Country
- IN
- Region
- Bengaluru, Non-U.S.
About
Bengaluru-based two-wheeler rental startup Bounce has laid off 130 employees, representing about 22% of its workforce, due to the severe impact of the Covid-19 pandemic on the mobility industry. Announced in mid-2020, this cost-cutting measure came as the company reassessed its business priorities, leading to the transformation or postponement of several new projects and product lines. To support affected staff, Bounce reinstated their pre-pandemic salaries, provided three months of severance pay, extended health insurance through December 2020, and offered pro-rata ESOP awards and outplacement assistance. The company, which operates a keyless scooter rental service across multiple Indian cities, faced significant revenue challenges that forced it to scale back expansion plans.
Source
View Sourceinc42.comMore Transportation Layoffs
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support@layoffs.nlCompany Information
- Industry
- Transportation
- Country
- IN
- Region
- Bengaluru, Non-U.S.