Bolt, an e-commerce and fintech firm which was previously under federal scrutiny, has confirmed a significant staff reduction of 29%. This decision was communicated by a company spokesperson via email and it aims to get the company “an operating model optimized for sustainable growth and efficiency”.
The spokesperson highlighted that the restructuring involved trimming layers and roles across the company to foster a more agile and rapid operational framework for the future. Specific details regarding the total employee count during these layoffs and the affected positions remain undisclosed.
Company’s pursuit of profitability
Despite the workforce reduction, Bolt, recognized for its one-click checkout software for retailers, amassed approximately $1 billion in venture capital and was once valued at $11 billion. CEO Maju Kuruvilla had conveyed the company’s pursuit of profitability, citing ongoing initiatives such as enhancing product returns and tailoring experiences within their universal shopper network, the company told TechCrunch.
Moreover, Bolt announced recent collaborations with renowned retailers like Saks OFF 5TH, Shinola, Filson, Lafayette 148, and Toys “R” Us in November, showcasing its commitment to partnerships amid its strategic evolution.