Bolt service provider receives Sh11 billion shot in the arm
Barry Silah @obel_barry
Cab-hailing service provider, Bolt, has raised Sh11 billion from Naya Capital Management in an investment round meant to boost its growth and development strategy.
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 on-demand transportation to millions of customers.
“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,” said Bold chief executive and co-founder Markus Villig.
“We are happy to be backed by investors who 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 transport to millions of customers and the best earnings for our partners during the Covid-19 period,” he added.
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,” said Naya Capital Management managing partner Masroor Siddiqui.