Bolt lays off more people and continues to struggle.
Bolt, a one-click checkout startup, recently laid off more employees, cutting its headcount by over half since last May. The company stated that it is focusing on the long-term success of its business and its customers and is restructuring its teams to strengthen its core products. According to The Information, CEO Maju Kuruvilla admitted that some of the company’s recent moves, including partnerships, new products, and acquisitions, have not worked out. Ken Smythe from Next Round Capital Partners stated that Bolt has struggled to get its core product to achieve any real traction with customers and that the company’s revenue continues to be weak, in the $30-$40 million range, which was expected to be much higher.
The article is “Bolt lays off more people, continues to struggle.“