WeWork to cull 2,400 jobs; Uber, Bounce to partner for two-wheeler rentals

The much talked-about layoffs at coworking startup WeWork have reportedly begun as the severely loss-making company sets about chopping off costs.

The Softbank-backed company said Thursday that the reductions will affect 2,400 employees globally. They will receive severance and continued benefits and other forms of assistance, Bloomberg reported, citing an emailed statement from the company.

“We are grateful for the important roles they have played in building WeWork over the last decade," a company spokesperson was quoted as saying. The layoffs represent about 20% of the company’s workforce, which totalled 12,500 as of June 30.

At the company’s Manhattan headquarters, there was an enhanced security presence on Thursday, the report added, citing sources.

In September, the New York-based company decided not to list itself in the public market, a decision taken after CEO Adam Neumann’s exit. Its valuation has plummeted from $47 billion as recently as January to about $8 billion now.

Uber

US-headquartered cab hailing giant Uber is reportedly planning an additional choice of transport in the app, for its bike riding user base in India.

Uber has kick-started discussions with bike rental startup Bounce to list its two-wheelers on the Uber India app, Mint reported Friday, citing sources.

“If Uber’s talks with Bounce materialize, the cab-hailing firm will start with a pilot service in Bengaluru which will not entail any financial agreements," the newspaper quoted a source as saying.

The bike rental allows users to pick and drop its two wheelers anywhere within city limits. In July this year, the platform announced having completed five million rides. It clocked 60,000 rides per day in Bengaluru, according to a statement from WickedRide Adventure Services, which owns and operates Bounce.

Earlier this year, Uber tied up with micro-mobility platform service Yulu to offer electric bikes to users on a pilot basis in Bengaluru. The pilot did not scale up as expected, Mint added in the report citing another source.