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Bolt, the Uber rival, has raised €100m (Ksh 11 billion) from London-based Naya Capital Management to boost its growth and development strategy.
Bolt says the €100 million will also help it go through the ravaging times during and after COVID-19 epidemic. The deal values the company at €1.7 billion.
“We continue to improve our operations to meet the demands of our customers. 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.
We are happy to be backed by investors that look past the typical Silicon Valley hype and support our long term view. I am more confident than ever that our efficiency and localisation are a fundamental advantage in the on-demand industry. These enable us to continue offering affordable transportation to millions of customers and the best earnings for our partners during the post-COVD world,” said Markus Villig, CEO and co-founder, Bolt.
The funds will go into upgrading product segments to include micro-mobility services and food delivery in Europe and Africa. These will include investments into scooters, bikes and delivery services across its markets as the company continues to offer affordable and reliable on-demand transportation to millions of customers.
Bolt’s growth strategy is focused on creating innovative services that will enhance urban mobility, safety and reliability in the on-demand transportation industry while providing viable economic opportunities across the world.
“We are delighted to have the opportunity to invest in Bolt at this stage in the company’s growth story. Under Markus’ leadership, Bolt has established itself as one of the most competitive and innovative players in global mobility. We believe that Bolt is helping drive a fundamental change in how consumers interact with the transport infrastructure of their cities and look forward to the company’s continued execution on its strategic vision,” said Masroor Siddiqui, Managing Partner and CIO, Naya Capital Management.
Bolt currently operates its ride-hailing services in more than 150 cities across Europe and Africa. In the last months, Bolt has accelerated the expansion of its Bolt Food delivery service to cover 12 countries and launched Business Delivery, a service to aid vendors in need of a distribution partner and offer same-day delivery.
It also launched Bolt Protect, a service primarily aimed at essential workers that still need to move around, with cars that are fitted with protective plastic sheeting installed between the passenger and driver seats, limiting the airflow between the driver and riders inside the car.
The investment from Naya Capital Management now brings the total investment amount that has been raised by Bolt to over €300m since inception.
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