Bounce has announced to lay off of 130 employees or 22% of its total workforce. Just before the first phase of the nationwide lockdown, Bounce had let go of around 120 employees, mostly from mid and senior-level with high pay packages, to cut costs and preserve capital.
Vivekananda Hallekere, co-founder and CEO of Bounce said, “After much deliberation, Anil, Varun and, I along with the board and the core leadership team, made the incredibly difficult decision to let go of around 130 from our team, constituting approximately 22% of our total workforce.”
Bounce also tried to compensate for the losses by providing financial assistance to the impacted employees. The company has announced the severance of three months’ salary and ESOP will be awarded on a pro-rata basis for those who are beneficiary of the stock plan.