E-commerce and fintech company Bolt has confirmed a significant round of layoffs, with 29% of its staff being let go. The company made the decision in order to transition to an operating model that is optimized for sustainable growth and efficiency.
Key Takeaway
Bolt has confirmed a significant round of layoffs, aiming to restructure the company for sustainable growth and efficiency. The decision reflects the company’s focus on adapting to the next phase of its business and achieving profitability.
Challenging Decision for Sustainable Growth
In an official statement, a spokesperson for Bolt explained that the restructuring was a challenging but necessary decision to streamline the company’s operations. The aim is to create a more agile and efficient organization that can adapt to the next phase of its business.
Recent Layoffs and Company’s Focus
This latest round of layoffs is not the first for Bolt. The company has made similar cuts in the past, with significant layoffs in May 2022 and earlier this year. The exact number of employees affected by the recent layoffs and the specific roles impacted have not been disclosed.
Financial Background and Future Plans
Bolt, known for its one-click checkout software for retailers, has raised approximately $1 billion in venture-backed funding. The company, which was once valued at $11 billion, is now focused on achieving profitability. CEO Maju Kuruvilla has highlighted initiatives such as enhancing merchandise returns and delivering personalized experiences as part of the company’s future plans.
