Maju Kuruvilla no longer serves as CEO of one-click checkout company Bolt

Maju Kuruvilla no longer serves as One-Click Checkout CEO bolt.he was replaced by Justin Grooms, Bolt’s global head of sales, is now interim CEO. According to the groom’s LinkedIn profile.

kuruvilla There isn’t much to say about this change, but it does LinkedIn and Xby posting, simply “One-click checkout from @bolt! Move forward,” with a rocket emoji. (He declined to comment further.) Arjun Sethi, co-founder of Venture Capital tribal capitalcommented on his post on LinkedIn, noting that the executive was “awesome” to work with.

Bolt’s board voted to oust him this weekend. information the report said.

Former Amazon executive Kuruvilla takes over as CEO In January 2022, founder Ryan Breslow resigned.

Grooms joined Bolt five years ago after holding executive roles at a number of companies, including Ultraleap (formerly Leap Motion), Datron World Communications and Qualcomm, his LinkedIn says. The company told The Information that the CEO’s role had changed and said Kuruvilla’s departure was “amicable,” without providing further details.

Bolt is no stranger to controversy. Its founder, who was 27 years old at the time, BreslowHe founded the company after dropping out of Stanford University and became known for his outspoken rants.

exist Interview with TechCrunch’s Connie Loizos In the month he stepped down, he said the company signed about 10 major deals in the second half of 2021, each of which was “larger than anything Bolt had previously signed in the history of the company.”

But then the company ran into some difficulties.bolt was a subject federal investigation involving Breslow on Whether the company violated any securities laws during its 2021 financing.Bolt was seeking US$355 million Series E financing The company is valued at $11 billion.company Raised about $1 billion Total amount of venture capital-backed funding.

There were also multiple rounds of layoffs, including May 2022 At least 185 employees, or one-third of the workforce, were reportedly laid off.then another one in Early 2023 and a December 2023 This affects 29% of employees.

In October, then-CEO Kuruvilla told TechCrunch that the SEC was no longer investigating Bolt and Working towards profitability And it’s brewing new features, such as improving merchandise return rates and delivering personalized experiences around its universal shopper network. The company announced partnerships in November with retailers including Saks OFF 5TH, Shinola, Filson, Lafayette 148 and Toys “R” Us.

Recently, Bolt signed a Process checkout Among them, Bolt becomes Checkout.com’s “exclusive one-click checkout provider” and Checkout.com becomes “Bolt’s preferred payment partner.”

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