Bounce Layoffs
February 2021
Bounce announced a layoff affecting 200 employees (40% of its workforce) in February 2021. The company operates in the Transportation sector.
200
40%
Feb 22, 2021
Company Information
- Industry
- Transportation
- Country
- IN
- Region
- Bengaluru, Non-U.S.
About
Indian mobility startup Bounce has conducted its second major round of layoffs, reducing its workforce to approximately 200 employees. This follows a previous reduction of 130 employees in June 2020. The latest cuts, occurring in February 2021, affected an estimated 200-odd employees across all levels, representing a significant reduction of 40-60% from its pre-layoff headcount. The company, which operates an on-demand two-wheeler rental service, cited persistently subdued demand in the shared mobility sector due to the prolonged impact of the COVID-19 pandemic as the primary reason. Bounce stated it is refocusing its strategy to concentrate on its electric vehicle (EV) two-wheeler business and will utilize its remaining capital of around $70 million to grow this segment. Affected employees were offered three months of severance pay.
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support@layoffs.nlCompany Information
- Industry
- Transportation
- Country
- IN
- Region
- Bengaluru, Non-U.S.