E-commerce and fintech companies bolt which was at one point the subject of a federal investigation, confirmed that it had laid off 29% of its employees, a spokesperson said.
In an emailed statement, a Bolt spokesperson said the one-click checkout company has worked to make Bolt an “operating model optimized for sustainable growth and efficiency.” .
“We have made the difficult but important decision to reduce ranks and roles across the company,” the statement said. It’s to fix it.”
The latest job cuts were made last week, a spokesperson said, and follow several cuts the company has made since 2022. One was in May 2022, when at least 185 employees, a third of the workforce, were reported to have been laid off. Let go.the other one is early this year.
It’s unclear how many employees the company had at the time of the layoffs or which roles were affected.
The company, which provides software to retailers to speed up checkout, has raised about $1 billion in venture-backed funding and was once valued at $11 billion.
In October, CEO Maju Kuruvilla told TechCrunch that Bolt is working to improve profitability, including improving product returns and offering personalized experiences on its universal shopper network. He said several features are in the pipeline. In November, the company announced partnerships with retailers including Saks OFF 5TH, Shinola, Filson, Lafayette 148 and Toys “R” Us.
Source: techcrunch.com
