Bike Rental Company places all its two-wheelers on sale in Hyderabad!
The post-pandemic situation has not been the best in terms of shared mobility. The effects of the same can be seen in the reportedly second round of layoffs in the famous Bike Rental Company 'Bounce'. We recently reported that about another 22% cut down in their staff was done recently (source). The cost-cutting measures now seem to have gone to the next level and Hyderabad-based Ds News reported that Bounce put all its two-wheelers on sale in an open ground near Bharat Nagar Metro Station in Hyderabad (source).
Bounce co-founder Vivekananda Hallekere had previously stated in a blog that the layoff decision was taken after the start-up was forced to suspended several planned business lines, products and projects because of “changes in the external environment".
Bounce has more than 10,000 two-wheelers on the roads as of date. Currently located in six cities: Bangalore, Hyderabad, Mysore, Vadodara, Vijayawada, and Jaipur. The start-up had made big news in the recent round of fundraising of about 105 Million USD led by Accel & B Capital Group. The company has seen a huge dip in the usage of its bikes by the customers post-Covid 19 and business has been severely affected. The low ride-hailing traffic has led the company to take drastic measures to reduce cost - whether it is laying off employees or selling assets.