Synopsis:
– Bounce infinity laid off 90% of their employees, clearing 300 people off their company.
– Bounce Raised $7 million in funds following the layoffs
– Bounce may attract more funding from major investors and till now it has raised almost $214.2 million
Amid the recession period in the US, startup layoff news has become very common. In 2021 everyone was talking about the rising startup culture in India but 2022 was hard for Indian startups and we got to see employee layoff newses from renowned startups almost every day.
But the most disturbing detail is, startups are raising funds on one side and laying off employees on another. We’ve even seen layoffs in Ola electric from major positions in 2022. Now we are witnessing another renowned EV startup Bounce Infinity laying off over 90% of their employees amid raising $7 million in bridge funding.
By laying off 90% of the workforce Bounce has fired nearly 300 of their employees and now they end up being a team of 50-60 people only. The company laid off their employees with the only reason being “Financial Crises”. Last year it was observed that the company is going through serious financial troubles and is struggling to run its EV business and that’s why the company raised $7 million in funding but reducing 90% workforce was a really harsh step.
However, earlier the startup assured its employees that they are going to raise $30 million in funds and gonna see no layoffs but the moment of truth has come and we are seeing such a massive layoff in one short.
Surprisingly this mass layoff isn’t new for Bounce and they did a similar act back in 2020 by laying off 80% of their workforce, another in 2021, and now in 2022.
We have seen Bounce advertising their electric scooter with Hrithik Roshan as the lead actor and with this, they become the only startup to include a mainstream actor to have in their advertisements. But now, according to the latest news, Hrithik Roshan has extended the contract of being the ambassador of Bounce.
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