Bolt, the one-click checkout startup that slashed staff at least twice last year as growth fell short of its goals, laid off around 10% of employees on Tuesday, or at least 50 people, according to two people with direct knowledge. In total, the company, which previously raised $1 billion from investors, has cut more than half of its headcount since May 2022. The most recent cuts targeted employees with poor performance ratings, one of these people said, although performance was not the basis for all the cuts.
In an all-hands meeting Tuesday following the most recent layoffs, CEO Maju Kuruvilla said that “quite a few” of the company’s bets, including partnerships, new products and acquisitions, hadn’t worked out. He said that proposed deals with some big retailers—which can use Bolt’s software to help shoppers pay with one click—had been delayed. And Bolt’s headcount was too big, relative to its growth, he said.