Bolt has closed an investment round of €100 million (R1,9 billion) as the platform continues to scale all of its product segments in Europe and Africa.
Photo: Supplied
Bolt has closed an investment round of €100 million (R1,9 billion) as the platform continues to scale all of its product segments in Europe and Africa. Photo: Supplied

Bolt closes on R1,9bn investment to scale its products in Africa and Europe

By Dhivana Rajgopaul Time of article published May 26, 2020

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DURBAN - Bolt has closed an investment round of €100 million (R1,9 billion) as the platform continues to scale all of its product segments in Europe and Africa.

Bolt is a European transportation platform with a strong presence across South Africa ad it's product segments include ride-hailing, micromobility and food delivery. 

The investment comes from Naya Capital Management, the global investment manager founded in 2012 by Masroor Siddiqui and brings Bolt’s total funds raised to more than €300 million (R5,7 billion). 

Bolt currently operates its ride-hailing services in more than 150 cities across Europe and Africa. Bolt is the leading ride-hailing app in Africa, with over half of Bolt’s business worldwide coming from the seven African markets of Ghana, Kenya, Nigeria, South Africa, Tanzania, Tunisia and Uganda where it operates.

In South Africa Bolt operates in up to 34 secondary towns and cities across all nine provinces of South Africa – with its aggressive expansion strategy in 2019 seeing it double its operational footprint across the country in 2019 alone.

In the last months, Bolt has accelerated the expansion of its services in South Africa to secure more opportunities for drivers to continue earning an incoming during the nationwide Covid-19 lockdown. These services include Bolt Business Delivery, Bolt Food and Bolt Isolated Cars. 

Markus Villig, Chief Executive and co-founder, Bolt said, "We are happy to be backed by investors that support our long term view and don’t buy into the mindless spending that’s become so common in Silicon Valley. 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 in the post-Covid 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 Food, which is Bolt's most recently launched product, has partnered with the Restaurants Association of South Africa (RASA) to allow people to order their favourite restaurant food for delivery, quickly and affordably.

RASA members will benefit from a low 14 percent commission to use the service to deliver their meals, while restaurants that are not members of RASA will pay a 15 percent fee. A R35 flat fee for deliveries within 8km of the restaurant is also available, should they have their own online marketplace.

"Bolt Food is determined to help small businesses like restaurants to be able to deliver their goods to customers, so that their staff can once again earn an income, within the safety guidelines published by government," said Gareth Taylor, country manager for Bolt and Bolt Food in South Africa.

BUSINESS REPORT ONLINE 

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