Bolt has axed another 50 employees, meaning that the online checkout company has seen its headcount shrink by more than half in under a year.
This is at least the third round of layoffs at the firm since last May, according to The Information, which broke the story.
CEO Maju Kuruvilla told an all-hands meeting on Tuesday that “quite a few” of Bolt's recent moves, including partnerships, new products and acquisitions, had not worked out, says The Information.
The first round of layoffs, which hit 250 employees, came just months after Bolt raised $355 million at a valuation of $11 billion.
However, things quickly went downhill, with Kuruvilla saying in May that it was "no secret that the market conditions across our industry and the tech sector are changing," forcing the firm to "laser focus on our core business and products".
The firm was also forced to pull the plug on its $1.5 billion deal to buy blockchain infrastructure provider Wyre.