This is a brand new spherical of layoffs on the firm after its shared mobility business took successful quickly after the Covid-19 outbreak in 2020, resulting in a number of rounds of worker terminations in 2020 and 2021.
“We did go through an internal restructuring and had to let go of a few folks. Less than 4% to be precise,” a spokesperson for Bounce stated.
It didn’t disclose the variety of workers which were fired. Before the pandemic, Bounce was solely concerned within the shared mobility business.
In FY21, the corporate’s business shrank by 83%, however simply earlier than the onset of Covid-19, the corporate was capable of increase $105 million from Accel Partners and B Capital at a valuation of $520 million.
The proceeds helped the agency pivot to the manufacture of electrical scooters in 2021 by buying 22 Motors for $7 million. The firm launched its maiden automobile Bounce Infinity in December 2021 and began delivering the scooters in mid-2022.
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The newest spherical of layoffs comes at a time when the corporate has but to interrupt into the EV makers’ high league. EV makers reminiscent of Ola Electric, TVS and Ather Energy have seen a surge in gross sales final yr.
Unlike Ola Electric and Ather Energy which use plug-in know-how, Bounce makes automobiles with battery-swapping know-how. These batteries may be faraway from the automobile and charged individually.
Before the pandemic, Bounce competed with the likes of Vogo and Yulu, however after the pandemic hit the mobility companies exhausting, the corporate moved on to EVs, whereas Vogo was acquired by Mumbai-based Chalo in a misery sale.
Yulu continued its concentrate on the shared mobility business, catering to the meals and grocery supply workforce. In September, the corporate was capable of increase $82 million (about Rs 653 crore) from traders led by Canada’s Magna to drive its growth plan.
(Illustration by Rahul Awasthi)