About 660 people remain on the company's Slack channel as of Wednesday evening, down from about 900 at the start of the day.
... [+]Bolt, the one-click checkout startup valued at $11 billion, has laid off about 240 employees.
CEO Maju Kuruvilla announced the layoffs in a Slack message to Bolt staff on Wednesday morning. The company did not announce how many people were being let go, but a Google spreadsheet compiling affected employees had more than 100 names listed as of Wednesday evening—comprising more than 10% of the company’s total workforceSales and marketing were hit especially hard, sources tell, though the spreadsheet indicates layoffs across other departments including engineering and product.
As recently as last month, the company had told employees at an all-hands meeting it had 24 months of runway, according to two people who were present. However, the company appears to have fallen behind on its business metrics. Bolt said in January that it was targeting 100 million shoppers by mid 2023, but a source said that goal was behind track, hovering at less than 15 million people currently.
Reached for comment, a Bolt spokesperson only said the company was “focused on our people today” and referred“In an effort to ensure Bolt owns its own destiny, the leadership team and I have made the decision to secure our financial position, extend our runway, and reach profitability with the money we have already raised.” Kuruvilla wrote. The message alludes to the market conditions in the tech industry as impetus for the layoffs.
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