Ride hailing company, Bolt has raised 100 million euros from London based Investment firm, Naya Capital Management. The deal values the company, the biggest Uber rival, at 1.7 billion Euros.
Bolt said the funding would boost its efforts in grabbing market share especially during this COVID-19 pandemic period where its rivals Uber, Lyft and Ola have had to cut thousands of jobs to sustain themselves.
“In the next 12 to 18 months, we have an opportunity to win market share,” Said Markus Villig, Bolt Founder and CEO.
“Even though the crisis has temporarily changed how we move, the long term trends that drive on-demand mobility such as declining personal car ownership or the shift towards greener transportation continue to grow,” Villig said.
In April this year, Bolt had asked Estonia’s government to guarantee a 50 million Euros credit request, but it has since rescinded on the plan.
“We understood quickly that from the State side there was no interest and we buried this plan,” Villig said.
As the demand for food delivery soars, Bolt has taken the opportunity to expand the delivery business from four countries to 15.
“It has multiplied. If you look at the countries, from 4 to 15, the deliveries have grown faster,”Villig added.
Bolt was founded in 2013 and has over 30 million users in 35 countries. The company competes with major rival Uber, particularly in major African countries, such as Kenya, and Eastern European countries.