Bolt, a ride-hailing company, says it has raised $712 million (€628 million) to expand its transportation and food delivery super app.
Sequoia Capital and Fidelity Management and Research Company participated in the funding round — bringing the company’s total valuation to $8.3 billion.
Markus Villig, Bolt’s chief executive officer and founder, said the business is open for partnership and looking at growing bigger.
Being the biggest rival of Uber, Villig said they are focused on becoming better — giving favourable commissions to their drivers and offering discounts to customers.
“There is a massive lack of supply on these platforms, so we have focused on taking the most partner-friendly lowest commission. That has paid off well for Bolt, which has now seen monthly revenues more than double compared to sales pre-Covid,” Villig added.
Bolt said it has more than 100 million customers in 45 countries and over 400 cities using its services.
– The Cable