Mobility firm Bounce lays off 5% of staff to cut costs
Bounce said it "underwent an internal restructuring practice", adding that the company is helping the affected employees find alternate jobs.
Smart mobility startuphas laid off about 5% of its staff or around 40-50 employees across customer support, finance, and other segments to cut costs, said a report.
“The focus at Bounce is shifting to the Original Equipment Manufacturer (OEM) business and the layoffs are to drive efficiency for the same,” said an industry source aware of the development to Moneycontrol.
Speaking to YourStory, Ankit Acharya, Head of Communications and PR, Bounce, said,
"Bounce recently underwent an internal restructuring practice in a phased manner, which has impacted a small number of employees, mostly in the customer support teams. We are helping the affected employees find alternate jobs."
In November last year, Bounce was in advanced talks to raise $20 million-30 million.
Founded in 2014 by Vivekananda Hallekere, Varun Agni, and Anil G Bounce is an app-based platform for booking two-wheeler rentals. The company made a pivot to manufacturing electric vehicles with the launch of its electric scooter last year and has been focusing on strengthening its battery-swapping network since.
The smart mobility startup has raised close to $200 million to date. It raised $105 million in a Series D round in January 2020, just a few months before the pandemic hit.
Edited by Saheli Sen Gupta