There are indications that the post-Covid-19 world will usher in serious competitions especially in the tech based businesses. One area where the competition will be fiercest is in the ride-hailing sector where market leader Uber is squaring up with Bolt and Lyft. This week, Bolt made bold efforts to raise the game by raising 100 million euros ($109 million) from London-based investment firm Naya Capital Management in a deal valuing the European rival of Uber at 1.7 billion euros. Bolt said the funding would allow it to grab market share in a sector hurt by COVID-19, as lockdowns have kept customers indoors, and rivals Uber, Lyft and Softbank-backed Ola cut thousands of jobs.
Markus Villig, Bolt’s Chief Executive and founder who visited Africa during the early stages of the lockdown to explore expansion prospects in the continent said that “in the next 12-18 months we have an opportunity to win market share,” he added that “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.”
Read also : African Women Urged to Embrace Science, Technology, Engineering and Mathematics (STEM)
In April, Bolt turned to Estonia’s government, asking to guarantee a 50 million euros credit, but it has since ditched the plan. “We understood quickly that from the state side there was no interest and we buried this plan,” Villig said. Bolt offers also scooter rental and food delivery, it has also expanded its food delivery business to 15 countries from four during this year as demand has surged.“It has multiplied. If you look at countries, from 4 to 15, the deliveries have grown faster,” Villig added.
Read also : TECNO Phone Wins Africa Information Technology & Telecoms Awards (AITTA)Phone of the Year 2019
Founded in 2013, Bolt, which has over 30 million users in 35 countries, has grabbed business from Uber mostly in major African cities and Eastern Europe.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry