Food delivery across Africa

Business: Bolt raises capital of Sh11billion to upgrade product segments

Ride-hailing firm Bolt has raised Sh11 billion worth of investment capital from Naya Capital Management to boost its growth and development strategy.

The funds will go into upgrading its mobility services and food delivery services in Europe and Africa.

This will include investments into scooters, bikes and delivery services across its markets for its on-demand transportation to customers.

“We are happy to be backed by investors who support our long-term view. This enables us to continue offering affordable transportation to millions of customers and the best earnings for our partners during the post-Covid world,” CEO and co-founder Bolt, Markus Villig said.

He said that though the crisis has temporarily changed how the firm operates, the long-term trends that drive on-demand mobility such as declining personal car ownership or the shift towards greener transportation continue to grow.

The CEO said 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 and believe that Bolt is helping drive a fundamental change in how consumers interact with the transport infrastructure of their cities,” Managing Partner and CIO, Naya Capital Management, Masroor Siddiqui said.

Bolt currently operates its ride-hailing services in more than 150 cities across Europe and Africa and in the last few months, has accelerated the expansion of its Bolt Food delivery service to cover 12 countries and launched business delivery, a service to aid vendors in need of a distribution partner.