Bolt, the Uber rival, has raised €100m ( Ksh 11 billion) from London-based Naya Capital Management to boost its growth and development strategy.
Bolt says the €100 million will also help it go through the ravaging times during and after COVID-19 epidemic. The deal values the company at €1.7 billion.
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 affordable and reliable on-demand transportation to millions of customers.
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.
Bolt currently operates its ride-hailing services in more than 150 cities across Europe and Africa. In the last months, Bolt 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 and offer same-day delivery.
It also launched Bolt Protect, a service primarily aimed at essential workers that still need to move around, with cars that are fitted with protective plastic sheeting installed between the passenger and driver seats, limiting the airflow between the driver and riders inside the car.