Bounce Lays Off 130 Employees As Covid-19 Impact Hits Mobility Startup
India, June 29 -- Bengaluru-based two-wheeler rental startup Bounce has decided to lay off around 22% of its workforce or 130 employees owing to the major Covid-19 impact on the mobility industry.
In a blog post, Bounce cofounder and CEO Vivekananda Hallikere said, "Unfortunately, the way the external environment has continued to shift means our medium-term workforce needs have changed as several new business lines, products, and projects we had planned will have to either transform or be put on hold in the coming quarters."
He added that the layoffs have come as "an outcome of a change in our business priorities" and is purely a cost-cutting exercise. To support the laid-off employees, Bounce has decided to reinstate their salaries to ...
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