Bolt’s Revenue Hits €2bn After Expansion To 50 Countries

Bolt, a leading global mobility and food delivery company, announced on Thursday that it has achieved €2bn ($2.11bn) in annual revenue.

The European company with branches in Nigeria and other countries, widely recognized as a strong competitor to U.S.-based Uber, is rapidly expanding its international presence as it prepares for a public listing.

The company in a statement said that its app now operates in over 50 countries and has secured the top position in more than 20 of them.

Originally focused on ride-hailing, Bolt has diversified its offerings to include scooter and e-bike rentals, food and grocery delivery, and car-sharing services, allowing it to meet a wider range of urban mobility needs.

Addressing concerns about operating a global tech company from Europe, Bolt’s Chief Executive Markus Villig defended the region’s capabilities in marketing and engineering.

“I don’t agree that you cannot figure out how to do world-class marketing or engineering from Europe,” Villig remarked in the company’s statement, underscoring his commitment to a Europe-based growth strategy.

Looking towards the future of mobility, Villig believes that ride-hailing companies are well-positioned to drive the adoption of self-driving cars. However, he noted that the technology still has a way to go.

“We are years away from having a commercially viable service that is cheaper than a human driver and meets regulatory requirements,” Villig stated, highlighting the ongoing challenges in bringing autonomous vehicles to market.

Founded in 2013, Bolt has grown rapidly over the past decade, reaching a valuation of over $8bn in 2022 after securing €628m in funding from investors.

Villig had previously indicated that the company aims to go public by 2025 according to Reuters, marking the next step in Bolt’s ambitious growth trajectory.