Bolt, a ride-hailing company, announced a $712 million (€628 million) funding round to expand its transportation and food delivery super app.
The funding round was led by Sequoia Capital and Fidelity Management and Research Company, bringing the company’s total valuation to $8.3 billion.
The funding round, according to Bolt, will be used to expand into new markets and bring more customers and partners to its “super app.”
Bolt’s CEO and founder, Markus Villig, stated that the company is open to collaboration and is looking to expand.
“Every one of our business units is expanding. “Bolt is working with more city governments to build our services as part of updated transportation strategies,” Villig said.
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As Uber’s main competitor, Villig stated that they are focused on improving — giving better commissions to drivers and offering discounts to customers.
“Because there is a severe scarcity of supply on these platforms, we have focused on offering the most partner-friendly lowest commission.” That has paid off handsomely for Bolt, which has seen monthly revenues more than double when compared to pre-Covid sales,” Villig added.
“However, we have made attracting and retaining drivers a priority by paying out better commissions than our competitors and will pay between 10% and 20% more than competitors.” We have consistently offered significantly lower prices than anyone else in the industry, and we expect this to continue.”
Bolt claims to have over 100 million customers in 45 countries and over 400 cities who use its services.