Bounce, a mobility company, reduces personnel by 5% to save money
- ByStartupStory | January 6, 2023
According to a sources familier with the matter, the smart mobility startup Bounce has fired 40 to 50 employees, or around 5% of its workforce, from its customer support, finance, and other departments to reduce costs.
“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.
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.”
Bounce was in early discussions to raise $20 million to $30 million in November of last year.
Vivekananda Hallekere, Varun Agni, and Anil G founded Bounce in 2014 as an app-based platform for renting two-wheelers. With the introduction of its electric scooter last year, the firm made a shift to producing electric vehicles and has since concentrated on expanding its network for battery swapping.
The firm for smart transportation has so far raised close to $200 million. A few months before the epidemic began in January 2020, it raised $105 million in a Series D investment.
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