Sequoia-backed Bounce reduces 3-4% employment due to restructuring drive
As part of a continuing “restructuring push,” the electric car and bike rental company Bounce has let rid of 3-4% of its whole employees.
According to a corporate representative, the non-original equipment manufacturer (OEM) vertical was significantly impacted by the exercise in which staff were “let go off” phase by phase. According to the corporation, customer service and other divisions were severely impacted by the layoffs.
According to a Moneycontrol story, however, the bike rental business laid off 40 to 50 people, affecting workers in customer care, finance, and other divisions, which amounted to around 5% of its workforce.
Bounce reportedly employs between 500 and 700 people nationwide.
Bounce has already made the announcement, making it the fourth significant Indian firm to do so in the first six days of 2023.
Bounce was established in 2014 by Anil G, Varun Agni, and Vivekananda Hallekere. It started out as a platform for renting bikes but last year switched its focus to the EV market. It produces electric scooters and enables users to hire them straight from predetermined locations.
The firm most recently received $105 Mn in capital from Accel Partners, B Capital, and other investors in a Series D round in January 2020. Since its establishment, it has raised more than $214.2 Mn in capital over many stages.
Bounce mostly competes with companies like Vogo, Wicked Ride, and ONN Bikes in the bike rental market. It competes against industry heavyweights like Ola Electric, Ather, Okinawa, and PureEV in the EV market.
