Bolt, formerly known as Taxify, has raised $182 million in its latest funding round. Its delivery and transportation services cover 200 cities in 40 countries. In Africa, it’s present in over 60 cities in Ghana, Kenya, Tunisia, Tanzania, South Africa, and Nigeria.
How’s Bolt doing?
Bolt currently has about 50 million customers using its services, it added 20 million users in the past six months.
It was valued at $1.9 billion after raising $100m in May. Now it’s estimated to be valued at $4.3 billion.
Currently, it’s doing about $2.43 billion in transactions on its platform annually.
In a year where there have been many job losses and businesses have seen massive drops in users and usage, Bolt has not laid off anyone.
Despite, its impressive numbers, Bolt has recently been the subject of numerous harassment complaints in Africa. We’re still keeping an eye on what Bolt is doing about the increasing harassment complaints on its ride-hailing services.
What’s next: With more financial firepower, Bolt is doubling down on food delivery. Bolt Food is in 16 countries and 33 cities and there are plans to expand to more cities in the coming year. It’s CEO and co-founder, Markus Villig, says Bolt differentiates itself from Uber eats — its biggest rival — by frugality and an emphasis on emerging markets.
There’s been recent positive momentum in the food delivery space, with activities such as Doordash’s IPO, Uber acquiring Postmates, and Just Eat Takeaway acquiring Grubhub. Bolt is aware of this and says it’s most optimistic about the prospects of its Food delivery business.