Payments startup Bolt Financial will lay off about 250 employees, which is equivalent to a third of its workforce, the Economic Times reported, citing a source familiar with the company.
In a blog post, Bolt CEO Maju Kuruvilla said the job cuts were brought about by the changing market conditions in the tech industry. The company leadership “made the decision to secure our financial position,” he said.
Founded in 2014, the one-click ecommerce checkout platform has secured close to US$1 billion in funding. The latest round in January led to a US$355 million raise that set its valuation to US$11 billion.
The company had since tried and then abandoned plans to raise more funds at a US$14 billion valuation, a source said. Kuruvilla told Bolt staff that the company would try to reach profitability with the money it had already raised.
Amid reports of slowing revenue growth, the CEO said that Bolt’s shopper accounts jumped 131% year on year while total active merchant accounts went up 192%.
See also: As digibanks rise, will Indonesia’s online lenders become obsolete?
Editing by Miguel Cordon and Lorenzo Kyle Subido
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