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Ecommerce and fintech firm Bolt lays off 29% of staff

Economic Times

Economic Times · 1y ago

Ecommerce and fintech firm Bolt lays off 29% of staff

Bolt, a US-based e-commerce and fintech company, has laid off 29% of its staff as part of its effort to achieve sustainable growth and efficiency. This comes after a series of previous layoffs since 2022. The company has raised $1 billion in venture-backed capital and was once valued at $11 billion. Similarly, music streaming giant Spotify announced a layoff of 17% of its workforce, affecting over 1,500 employees. Both companies cite the need to optimize operations and navigate economic challenges as reasons for the layoffs.

Related News

Bootstrapped Chennai-based SaaS firm Kissflow lays off 45-50 employees

Money Control

Money Control · 1y ago

Bootstrapped Chennai-based SaaS firm Kissflow lays off 45-50 employees

Chennai-based SaaS firm Kissflow has laid off 15% of its workforce, affecting around 45-50 employees across sales, marketing, and product development. The layoffs resulted from shifting product strategies and annual performance reviews. Before the cuts, the firm employed over 400 people, with affected staff in India, the US, and the UAE. Kissflow offers cloud-based no-code and low-code work management products.

Jack Dorsey's fintech firm Block lays off nearly 1,000 employees

Economic Times

Economic Times · 1y ago

Jack Dorsey's fintech firm Block lays off nearly 1,000 employees

According to a report, Jack Dorsey's fintech firm, Block, has let go of almost 1,000 employees in a significant downsizing move. The downsizing effort is said to be a result of the company's plans to pivot away from its original cryptocurrency business and focus on building a decentralization platform. Block's decision to lay off employees signals a shift in its strategic direction and reflects the evolving landscape of the fintech industry.

GPU tech supplier Imagination Technologies lays off 20% of staff

Economic Times

Economic Times · 1y ago

GPU tech supplier Imagination Technologies lays off 20% of staff

Imagination Technologies, a chip technology design maker, plans to lay off 20% of its staff due to a challenging business environment over the last 18 months. The U.K.-based company, which supplies chip technology to Apple, cites the need to adapt to the evolving market. Imagination's technology competes with Arm Holdings. The company, owned by private equity firm Canyon Bridge, reported a profit before tax of £17 million ($20.9 million) on revenue of £120.3 million for the last year.

Gameskraft lays off 120 employees

Entrackr

Entrackr · 9h ago

Gameskraft lays off 120 employees

Gameskraft, one of India’s largest real-money gaming companies, has laid off about 120 employees across teams as part of a restructuring exercise triggered by the government’s blanket ban on online money games. The layoffs come at a turbulent time for the firm, which is also reeling from a fraud scandal involving former CFO Ramesh Prabhu, who allegedly siphoned off Rs 270 crore over nearly five years. An FIR has been filed against him following the company’s complaint at Bengaluru’s Marathahalli police station. Affected employees will receive severance pay, leave encashment, and extended group health insurance until March 2026, with an option to convert policies to individual plans. Founder Prithvi Singh said the decision was forced by “external realities” and not employee performance, adding that Gameskraft would support outgoing staff during their transition. Founded in 2017, Gameskraft had been one of the fastest-growing real-money gaming firms, operating platforms like Rummyculture and Pocket52, both of which have now been shut following the new law. According to TheKredible, the company’s FY25 net profit dropped 25% to Rs 706 crore because of the 28% GST, increased taxes, and one-time accounting changes. However, the company’s revenue rose 12% to Rs 3,896 crore from Rs 3,475 crore in FY24. Gameskraft joins other gaming firms downsizing after the ban. A23 Rummy (Head Digital Works) cut 500 jobs, Zupee axed 170, MPL is shrinking up to 60% of staff, and Baazi Games has reduced headcount by 200. Games24x7 is reportedly laying off 70% of its workforce.

Open source Arm competitor SiFive lays off 20% of staff

Economic Times

Economic Times · 1y ago

Open source Arm competitor SiFive lays off 20% of staff

Open-source Arm competitor SiFive lays off 20% of staff. SiFive, a startup that designs and manufactures chips based on the open-source RISC-V architecture, has laid off 20% of its employees amid uncertain market conditions. The company, which has raised more than $190 million in funding, cited macroeconomic factors and market volatility as reasons for the layoffs. SiFive's RISC-V processors are used in a variety of applications, including artificial intelligence and autonomous vehicles.

Zopper lays off 100 employees amid cost-cutting measures

Inshorts · 5m ago

Zopper lays off 100 employees amid cost-cutting measures

An insurance-focused SaaS startup, Zopper, has laid off approximately 100 employees in 2025. The latest round occurred in April, affecting around 50 members of the tech and product teams. Earlier this year, the company also dismissed 20 employees from these teams and its entire 40-person insurance staff. The layoffs are reportedly part of ongoing cost-cutting measures.

Dukaan lays off 90% staff for AI bot, attributes decision to focus on profitability

Economic Times

Economic Times · 2y ago

Dukaan lays off 90% staff for AI bot, attributes decision to focus on profitability

Dukaan, a startup, has laid off 90% of its support staff following the implementation of an AI chatbot for customer inquiries. The decision is driven by the company's focus on profitability, as stated by CEO Suumit Shah. While the introduction of the AI bot has improved resolution times, it has also led to staff reductions, a move aimed at optimizing operations. Attributing the decision to prioritising profitability, he said customer support costs reduced by 85 per cent while resolution time went down from over two hours to three minutes.

Fiverr lays off 250 people as it becomes an ‘AI-first’ company.

The Verge

The Verge · 1d ago

Fiverr lays off 250 people as it becomes an ‘AI-first’ company.

Fiverr has laid off 250 employees, accounting for 30% of its workforce, as it transitions to being an "AI-first" company. CEO Micha Kaufman previously warned staff that AI advancements could threaten jobs, including his own. Despite the layoffs, Fiverr aims to explore broader opportunities in AI applications, enterprise budgets, and long-term projects. This strategy is part of its commitment to maintaining competitiveness in the rapidly evolving business landscape.

Business Insider lays off 21 percent of staff to “endure extreme traffic drops.”

The Verge

The Verge · 3m ago

Business Insider lays off 21 percent of staff to “endure extreme traffic drops.”

Business Insider has laid off 21% of its staff due to significant traffic declines. CEO Barbara Peng announced the company is scaling back on categories that once thrived and mostly exiting its search-reliant Commerce business. The move comes amid acknowledgment of "Google Zero" impacts. Despite setbacks, Business Insider is focusing on artificial intelligence innovations, including Enterprise ChatGPT, AI site search, and an AI paywall to adapt and grow its business model.

Amazon competitor Zulily curtails operations, lays off hundreds

Economic Times

Economic Times · 1y ago

Amazon competitor Zulily curtails operations, lays off hundreds

Zulily, a former competitor of Amazon, is reportedly laying off hundreds of employees and shutting down operations. The company will lay off 292 workers in Washington and close its headquarters and several other facilities. Additionally, warehouses in Nevada and Ohio will be closed, resulting in 547 more layoffs. This follows previous rounds of layoffs and the resignation of Zulily's CEO. Zulily, which went public in 2013 and had a market value of $7 billion in 2014, was purchased by Liberty Interactive-QVC in 2015 and later sold to private equity firm Regent.

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