Bounce laying off staff again?
Bounce the start-up has more than 10,000 two-wheelers on the roads as on 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.
However, 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. This is apparently about another 22% cut down in their staff.
While the company claims it is more to do with a long-term rationalization. The recent layoffs haven’t got the company in a good light. As per the blog from the start-up: the outgoing employees will be paid their pending salaries, including the entire amount that was deferred in April. Also, the leaving employees will be given a severance of three month’s salary, as per what they earned before the salary cuts. And also, will continue to receive Health Insurance till the end of the year. Esops Redemption option has also been provided.
Bounce co-founder Vivekananda Hallekere said in a blog that the 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".
Also, the availability of service in non-Bangalore cities has been disrupted.