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Bolt.Earth Fires Employees In Another Restructuring Exercise, Shuts Two Business Verticals

Inc42 · 7m

Bolt.Earth Fires Employees In Another Restructuring Exercise, Shuts Two Business Verticals

Bengaluru-based electric vehicle (EV) charging infrastructure provider, Bolt.Earth, has laid off employees from multiple teams in a second restructuring exercise within four months. Sources attribute the layoffs to a cash crunch due to the startup's failure to secure fresh funding. The number of employees impacted is estimated to be around 70-100, or 40%-60% of the company's workforce. Bolt.Earth confirmed the layoffs but stated that the number is exaggerated and is a necessary adjustment within their strategic realignment. The company decided to shut down its operating system and fleet management system verticals to focus on its core business of EV charging network.

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Comments

Jai SharmaFounder....

They have expanded like anything and in reality very few were using there chargers. Whenever I went to there charging stations either there was no charger or it was not functioning. They burned a lot in Marketing.

7 months ago

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