E-commerce and fintech company Bolt Confirms Layoffs Amid Struggles and New Innovations
Bolt, once under federal investigation, has confirmed a significant reduction in their staff. According to a spokesperson for the company, 29% of their employees have been let go as part of a plan to optimize for sustainable growth and efficiency.
In an official statement, the spokesperson explained the reasoning behind the layoffs. “We have made the tough decision to streamline roles and positions across the company, positioning ourselves for continued success in the next phase of our business.”
This latest round of layoffs, which took place last week, follows a series of previous cuts made by Bolt since 2022. In May of that year, reports revealed that at least 185 employees, equating to one-third of the workforce, were laid off. This was then followed by another round of layoffs earlier this year.
The exact number of employees affected in the recent layoffs is unknown, as well as which specific roles were impacted.
Bolt, whose software helps to speed up the checkout process for online retailers, has raised a staggering $1 billion in venture-backed funding and once held a valuation of $11 billion.
In October, CEO Maju Kuruvilla shared with TechCrunch that the company is actively working towards profitability. He also mentioned the development of new features, such as improving returns and crafting personalized experiences through their universal shopper network. In November, Bolt announced partnerships with major retailers, including Saks OFF 5TH, Shinola, Filson, Lafayette 148, and Toys”R”Us.