Mobility and delivery giant Bolt has reported annual revenue of over €2 billion, a huge achievement in its journey as a strong alternative to ride-hailing companies like Uber.
The company disclosed this figure on Thursday, attributing its growth to a diverse range of services and a firm focus on expanding in international markets.
Founded in 2013, Bolt has quickly evolved into one of the world’s leading tech enterprises, rooted in Estonia, a growing tech hub that is home to over 1,450 startups.
CEO Markus Villig commented on the company’s strong belief in European innovation, countering the perception that world-class engineering and marketing are exclusive to Silicon Valley. He stated that the company is proving how a Europe-based company can thrive globally.
Bolt’s current services are not limited to ride-hailing, it also includes scooter and e-bike rentals, food and grocery deliveries, and Bolt Drive, a car-sharing service.
The platform is active in more than 50 countries, with over 500 cities on its list, and it holds the top position in the ride-hailing market in over 20 of these locations.
The company’s drive has attracted attention, especially following a €628 million funding round in early 2022 that boosted its valuation to more than $8 billion.
Planning ahead, Bolt has set its sights on integrating autonomous vehicles into its operations. However, Villig was candid about the current challenges in the autonomous vehicle industry, noting that fully operational, cost-effective self-driving services that comply with regulatory standards are still several years away.
He noted that ride-hailing firms like Bolt will eventually boost the market introduction of autonomous vehicles but acknowledged that achieving regulatory and commercial feasibility will require time.
The company has revealed plans for an initial public offering (IPO) as soon as 2025, which would be a huge step in placing Bolt at a top spot in global mobility and delivery services.
In Nigeria, Bolt has grown significantly in reach and revenue since its launch in 2016, with more than 250 million rides taken across the country by August 2023.
Nigerian users have collectively logged over 3 billion kilometres, asserting Bolt’s role in the country’s transportation sector.
The platform’s success in Nigeria is seen in its global statistics of over 200 million customers across a suite of services, with 4.5 million drivers and couriers on the platform worldwide, including over one million in Africa.
Yahaya Mohammed, country manager for Bolt Nigeria, reaffirmed the company’s focus on supporting Nigeria’s ride-hailing space.
He highlighted Bolt’s adherence to collaborating with driver partners, regulatory agencies, and other stakeholders to foster a thriving and sustainable ride-hailing industry in the country.
