In recent times, the world has witnessed a massive economic downturn due to the outbreak of the COVID-19 pandemic. As a result, various industries of different shapes and sizes have been severely impacted, with many of them having to lay off employees to stay afloat. One such organization to have gone through such a tough time is Bounce, a popular transportation company located in Bengaluru.
Founded in 2014, Bounce is a leading dockless scooter rental company in India, providing a reliable and affordable means of transportation to the public. Since its inception, Bounce has been growing steadily, thanks to its unique technology, which allows customers to rent and pick up bikes anywhere, without having to worry about returning them to a designated location.
As per sources, Bounce laid off 120 employees on March 19th, 2020, amidst the coronavirus outbreak. The news came as a shock to many, considering the firm had recently raised $214 million in Series D funding, which was supposed to be used to expand its business operations. The company had a layoff percent of 22% at the time, which resulted in a significant impact on employees who lost their jobs.
The transportation industry, in general, has taken a hit due to the pandemic, significantly affecting Bounce. With people being advised to stay indoors and avoid public transport, the company’s revenues have taken a severe hit. This reduction in income forced management to take drastic measures, such as laying off some of their employees.
In conversation with sources, Bounce’s management stated that the employees who had been laid off were non-core staff that did not have a direct impact on the company’s operations. They also mentioned that they would ensure that all the affected employees were compensated fairly and that their needs were taken care of during these difficult times.
Commenting on the layoffs, Bounce CEO Vivekananda HR said, “ It is a challenging time for us, and we have had to make some difficult decisions. The layoffs were necessary to maintain the company’s balance sheet during this pandemic. However, we are working tirelessly to ensure that we are back on our feet as soon as possible.”
In conclusion, Bounce, like many other companies, is having to navigate through the challenging times caused by the pandemic. The layoffs were unavoidable in the company’s current circumstances, and the management has taken the necessary steps to ensure that all affected employees are compensated fairly. All we can do now is hope that the world recovers from this pandemic soon and that companies like Bounce are back to their full potential in no time.