Bolt, a ride-hailing company, has reached a milestone of 1 million drivers in Africa, as stated in a press release sent to Technext.
This achievement comes as the company celebrates its 10th year in business, emphasizing the pivotal role of drivers in its operations.
Bolt now boasts a global network of over 3.5 million drivers and couriers, with 1 million located in Africa alone. This accounts for approximately 28.5% of Bolt’s driver and courier population worldwide.
Founded in 2013 as Taxify by Markus Villig at the age of 19 in Tallinn, Estonia, Bolt expanded to Africa three years later, launching in South Africa in 2016 and subsequently in Nigeria and Kenya later the same year.
While initially established as a ride-hailing platform, Bolt has experienced remarkable growth in recent years. It ventured into food delivery with Bolt Food in 2019, followed by scooter rentals in 2020, and further expanded its services to include grocery delivery and car-sharing in 2021.
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Bolt crosses 150 million users milestone
In addition to its driver milestone, Bolt has also surpassed 150 million users across its various verticals. These users are predominantly located in the company’s markets spanning 45 countries and 500 cities.
Despite facing challenges such as inflation, rising interest rates, and an uncertain macroeconomic climate in many markets, Bolt has significantly increased its revenue.
Markus Villig, Founder and CEO of Bolt, attributes the company’s achievements to its unwavering core principles established since its inception a decade ago.
By prioritizing operational efficiency, Bolt aims to deliver exceptional value to its customers and partners. Villig expresses pride in serving 150 million customers globally and projects that this substantial scale will enable the company to achieve profitability within the next 12 months, positioning Bolt as the first European mobility platform to attain full profitability.
More Announcement – Mikko Salovaara as New CEO
Furthermore, Bolt has announced its plans to go public, and preparations for the initial public offering (IPO) are underway. Following Uber’s IPO in 2019, Bolt would become the second ride-hailing company to go public.
Although Uber faced challenges and recorded significant losses on its first day of trading, Bolt aims to learn from the industry’s experiences and work toward profitability as it progresses toward becoming a publicly traded company.
Conclusion
To ensure a successful trajectory and avoid potential pitfalls, Bolt has announced the appointment of Mikko Salovaara as its new Chief Financial Officer (CFO).
With the company’s Founder and CEO, Markus Villig, at the helm, this strategic move aims to leverage Salovaara’s expertise during this pivotal period.
The goal is to foster long-term and sustainable growth as Bolt embarks on its preparations for an initial public offering (IPO). Salovaara’s contribution is expected to be invaluable in guiding the company through this important phase.
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