Bolt.Earth, the Bengaluru-based electric vehicle (EV) charging infrastructure provider, has undergone another round of restructuring, resulting in employee layoffs and the closure of two business verticals.

Sources familiar with the matter informed Inc42 that Bolt.Earth initiated this second restructuring within four months due to a cash crunch stemming from the startup’s inability to secure fresh funding. The layoffs are estimated to affect around 70-100 employees, roughly 40%-60% of the workforce.

Although Bolt.Earth confirmed the layoffs, it dismissed claims of such magnitude, describing them as “highly exaggerated.” The startup stated that the workforce reduction was part of a strategic realignment aimed at intensifying focus on its core business, specifically the charging network.

Initially founded in 2017 by Jyotiranjan Harichandan and Mohit Yadav, Bolt.Earth provides electric vehicle charging solutions across various sectors. The company’s product categories included an Operating System (OS) for electric vehicles, charging infrastructure, and fleet management system. However, sources revealed that Bolt.Earth has ceased operations in the OS and fleet management system verticals.

The layoffs reportedly impacted several teams, notably product, marketing, and technology, with the design team bearing the brunt of dissolution. However, Bolt.Earth clarified that only the product and technology teams associated with the OS and fleet management system segments were affected.

As part of the severance package, impacted employees are being offered 1-2 months of severance pay. This recent downsizing follows a previous layoff of around 15-20% of the workforce, primarily in the OS team, attributed to uncertainties surrounding government schemes.

Despite raising $20 million in funding last October, Bolt.Earth has faced delays in announcing the round. Cofounders Harichandan and Yadav described this delay as a “strategic decision” but assured ongoing discussions with potential investors.

In terms of financial performance, Bolt.Earth’s parent entity, Revos Auto Tech Pte. Ltd, reported a significant increase in operating revenue for FY23 but also incurred higher losses compared to the previous year. Specific financial figures for FY24 were not disclosed, although the company claimed robust revenue growth during the year.