Bolt, the Estonian mobility company, has announced its plan to invest €500 million in Africa. The investment is aimed at expanding its services in the region and creating employment opportunities for more than 300,000 new drivers and couriers in 2023.
This investment comes on the heels of a funding round in 2022, where the company raised €628 million and was valued at €7.4 billion. Bolt has been operating in Africa since 2016 and currently serves six African countries, including Kenya, Ghana, Nigeria, Uganda, Tanzania, and Tunisia, with over 47 million customers and 900,000 drivers on the platform.
Bolts Expansion Plans in Africa
Bolt’s latest investment in Africa underscores the company’s commitment to the region and its long-term goal of becoming the leading ride-hailing and delivery service provider in Africa. The investment will be used to expand Bolt’s services across the continent, with a focus on launching in new markets and growing its presence in existing markets.
Also Read: Bolt raises $711 Million in Fresh Funding Round at $8.4 Billion Valuation
Bolt’s strategy is to partner with local communities to create jobs and income opportunities for drivers and couriers. The company is also committed to providing safe, reliable, and affordable transportation services to millions of customers across the region. This approach has proven successful, as evidenced by the company’s strong presence in the African market.
Bolt has been operating in Africa since 2016 and has built a strong team of 500 people in the region. The company remains committed to investing in local communities and creating employment opportunities for drivers and couriers. According to Markus Villig, Bolt’s founder and CEO, “At a time when many countries are facing economic challenges, we will continue to grow our presence in Africa through this new investment which offers massive potential to create new jobs and income opportunities for drivers and couriers.”
Bolt’s commitment to local communities is further highlighted by Ireoluwa Obatoki, Bolt’s Regional Manager for West and North Africa, who says, “We operate in markets where there are unique challenges, and by continuing to expand our services we will offer people new opportunities to earn a good living by being a driver, as well as providing millions of customers with a safe, reliable, and affordable way of moving around their city.”
The Impact of Bolt’s Investment in Africa
Bolt’s investment in Africa will have a significant impact on the region’s economy by creating employment opportunities for thousands of drivers and couriers. The investment will also provide millions of customers with access to safe, reliable, and affordable transportation services. Bolt’s strategy of partnering with local communities to create jobs and income opportunities will also help to stimulate economic growth in the region.
Furthermore, Bolt’s expansion in Africa will create healthy competition in the ride-hailing industry, leading to improved services and lower costs for customers. The company’s commitment to local communities and focus on creating employment opportunities will help to improve the standard of living for many people across the region.
Q: What is Bolt? A: Bolt is an Estonian mobility company that offers vehicles for hire, micro-mobility, car-sharing, and food delivery services headquartered in Tallinn.
Q: Where does Bolt operate in Africa? A: Bolt operates in seven African countries, including South Africa, Kenya, Ghana, Nigeria, Uganda, Tanzania, and Tunisia.
Q: How many drivers and couriers will Bolt hire with the €500 million investment? A: Bolt plans to create job opportunities for over 300,000 new drivers and couriers to join the platform in 2023.
Q: What is the valuation of Bolt after the 2022 funding round? A: After the 2022 funding round, Bolt’s valuation is 7.4 billion euros ($8.38 billion).
Q: Why is Bolt’s investment in Africa significant? A: Bolt’s investment in Africa is significant because it shows the company’s commitment to investing in local communities and creating job opportunities, even during challenging economic times.
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