Scooter rental platform Bounce has decided to terminate job of 130 employees or 22 percent of its total workforce.
Bounce grew from a few hundred rides per day to over 25 million rides in under 18 months in Bengaluru alone but shared mobility startups have been impacted due to Corona-19 crisis.
“We are reinstating the salary of the employees leaving us to the amount before the cuts were announced in April this year. As part of the exercise, the entire deferred amount will be given to them,” said Bounce Co-Founder and CEO Vivekananda Hallekere.
All employees leaving will be given a severance of three months’ salary, as per their original salary before the salary cuts.
The Bengaluru-based firm earlier announced to cut salaries across the board. The company said it would provide health insurance for impacted staff until December.
The shared mobility start-up in January this year received $105 million series D venture capital funds infusion led by Accel and the B Capital Group.
Bounce ran dockless scooters in Bengaluru and Hyderabad, with a fleet strength of 13,000 and 2,000 vehicles, respectively.