Estonian mobility and delivery platform, Bolt has announced it has surpassed €2 billion ($2.11 billion) in annual revenue, further strengthening its position as a top European competitor to U.S.-based Uber.
The company disclosed this in a statement released on Thursday.
Headquartered in Estonia, one of Europe’s prominent tech hubs with over 1,450 startups, Bolt is proving that global tech innovation can thrive outside Silicon Valley.
“I don’t agree that you can’t master world-class marketing or engineering from Europe,” said CEO Markus Villig, in the statement, emphasizing the company’s strong European roots and technological capabilities.
According to Villig, ride-hailing companies will be the best way for self-driving cars to come to market, but he added that companies are “years out before having a service that is commercially viable, cheaper than a human driver and one that meets regulatory requirements”.
Bolt’s future
Looking ahead, Bolt plans to integrate self-driving vehicles into its ride-hailing services.
However, Villig noted that the autonomous vehicle industry is still years away from delivering a commercially viable service that meets both cost-efficiency and regulatory standards.
- The platform currently offers ride-hailing, scooter and e-bike rentals, food and grocery delivery, and car-sharing, expanding its reach and reinforcing its market presence worldwide.
- Founded in 2013, Bolt’s rapid growth saw its valuation surpass $8 billion in early 2022, following a €628 million investment round.
- The company has indicated it could be prepared for an initial public offering (IPO) as soon as 2025, marking a significant milestone in its journey toward becoming a leading player in global mobility and delivery services.
Bolt in Nigeria
In August 2023, Bolt announced that Nigerians and other individuals living within the country had used its platform for over 250 million rides since the firm began operations in 2016.
- It further stated that it had seen over 3 billion kilometres in distance recorded by users on the app.
- As of that time, Bolt said it had surpassed 150 million customers in over 45 countries and 500 cities, and these customers are spread across a suite of mobility products which include ride-hailing, micro-mobility (scooter and e-bike rental), food delivery, grocery delivery, Bolt Drive, a free-floating car-sharing service, and Bolt Business, a corporate mobility service.
- It noted that it had over 3.5 million partners (drivers and couriers) using the app to earn a living, including over one million in Africa alone.
According to the Country Manager of Bolt Nigeria, Yahaya Mohammed, the company would continue to collaborate with driver partners, regulatory bodies, and other industry stakeholders to ensure the growth of the ride-hailing industry in Nigeria.
