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.

The funds will be used to expand Bolt services in Africa and create opportunities for over 300,000 new drivers and couriers to join the platform in 2023.

ALSO READ: IN NUMBERS – Insight about Bolt (Nigeria) in 2022

Having launched in South Africa in 2016, Bolt now operates ride-hailing and delivery services in six further countries – Kenya, Ghana, Nigeria, Uganda, Tanzania and Tunisia – with over 47 million customers and 900,000 drivers on the platform.

Bolt Business, Bolt’s corporate travel arm, has also been introduced in Nigeria, South Africa, Ghana, Tanzania and Kenya, offering local businesses safe and affordable ways for their employees to travel.

Bolt has also announced that it has surpassed 1 billion rides in Africa in just seven years and expects the number of drivers on the platform to hit over 1 million in the next six months.

Markus Villig, Founder and CEO, said: “Over the past seven years, we have built a strong team of 500 people in Africa and we remain committed to investing into local communities for the long-term. At a time when many countries are facing economic challenges, we will continue to grow our presence in Africa through this new investment which offers massive potential to create new jobs and income opportunities for drivers and couriers.”

Markus’ comments came as he arrived in Africa with Bolt’s global leadership team where they are visiting local Bolt teams in South Africa and Kenya and meeting with senior government stakeholders.

In 2021, Bolt introduced a new service that allowed female riders to choose a female driver for their journey.

This new category not only increased safety for both drivers and riders in South Africa but also provided women with a way to explore new earnings opportunities.

Following the success of the ‘women-only’ category in South Africa it was also launched in Nairobi and Mombasa, Kenya.

Ireoluwa Obatoki- Regional Manager, West and North Africa, said: “While many companies are scaling back investments given the macroeconomic environment, we recognize the transformational effect platforms like Bolt can have in Africa. We operate in markets where there are unique challenges and by continuing to expand our services we will offer people new opportunities to earn a good living by being a driver, as well as providing millions of customers with a safe, reliable, and affordable way of moving around their city.”

Founded in 2013, Bolt is an Estonian mobility company that offers vehicle for hire, micro-mobility, car-sharing, and food delivery services headquartered in Tallinn and operating in over 300 cities in 45 countries in Europe, Africa, Western Asia, and Latin America.

Bolt last secured funding in August 2021 at a valuation of over 4 billion euros.

The company will deploy the funding into expanding its transportation and food delivery super app which has more than 100 million users in Europe and Africa. It will also consider venturing into new businesses expanding its range of services.

Speaking on the funding, Markus Villig, CEO, Bolt, said, “We are expanding all the five product lines extremely quickly, developing product R&D and rolling out in new cities.”

 “Over the past eight years, we have developed products that offer better and more affordable alternatives for almost every purpose a private car serves.”

“We’re partnering with cities to help people make the switch towards light vehicles such as scooters and e-bikes and shared mobility options like ride-hailing and car-sharing to transform urban areas back into sustainable, people-friendly spaces.”

“That’s why we’re pleased to announce this new round of funding – the biggest in our history – which will help us build a future in which cities have less congestion, less pollution, and more green spaces where people can easily move around in a safe and sustainable way.”

Andrew Reed, a partner at Sequoia, said, “We’re excited to deepen our partnership with Markus and Bolt to further their mission to make urban travel affordable, sustainable, and safe.”

 “At Sequoia, we believe in the global potential for technology and entrepreneurship and have been inspired by Bolt’s growth from Tallinn, Estonia to over 400 cities and 100 million customers across Europe and Africa. We’re eager to help them expand their footprint, increase their product offering and improve the quality of life in cities for the long term.”