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Uber’s rival Bolt was worth $ 4.75 billion in a new funding round

Product range from Estonian Ride Hailing Startup Bolts.

London — European ride-hailing service company Bolt said Tuesday that it has raised € 600 million ($ 713 million) in new funding to enter the fast-growing online grocery delivery industry.

In the new investment round, Bolt is worth about $ 4.75 billion, more than double the previous private sector valuation of $ 2 billion.

Venture capital firm Sequoia and fund managers Techne and Gisaro helped raise funds, while existing investors G Squared, D1 Capital and Naya increased their stakes.

“Bolt’s mission is to make city travel affordable and sustainable,” said Markus Villig, Bolt’s CEO and founder. “We are building a future where people will use on-demand transportation when they really need it, rather than being forced to buy cars that cause traffic and pollution.”

Formerly known as Taxify, Bolt started out as an app to call taxis in Estonia. The company then launched several new services, including food delivery, car sharing, electric scooters and bike rentals, hoping to become known as the “SuperAppli.”

Currently, Bolt is putting a lot of effort into delivering groceries. The company, which promises to deliver groceries in 15 minutes, will reach 10 European countries in the coming months, including Sweden, Portugal, Croatia and Romania.

Grocery delivery is a highly competitive sector, especially in Europe. Some new on-demand shopping apps Behind the scenes are billions of dollars in venture capital.

Turkey’s Getir, one of the market-leading players Worth $ 7.5 billion from investors In June.

Increasing market value of Bolt benefits early supporters like German automakers Daimler Swedish venture capital firm Creandum. The company also counts the World Bank and the European Investment Bank as investors.

Like other ride-hailing companies, Bolt Significant decrease in revenue Early Covid-19 pandemic. It has grown rapidly in recent months as several countries have broken out of the blockade and now has more than 75 million users in 45 countries in Europe and Africa.

But Bolt is now facing another source of uncertainty in the UK after the UK Supreme Court. Dominated Uber drivers should be treated as workers You are entitled to benefits such as the minimum wage and holiday wages.

The proceedings set a precedent for competing ride-hailing services such as Bolt, Ola, and FreeNow, which operate a business model similar to Uber.

Then Uber Reclassified all 70,000 UK drivers as workersWe are now asking other operators to do the same, not independent contractors.

“It doesn’t make sense for drivers to travel with us who are qualified as holiday payers and pension workers. After 5 minutes, many drivers are multi-apps, so another I’m traveling at a place. I’m not eligible for benefits. “

Bolt states that he has no plans to change the driver placement.

Uber’s rival Bolt was worth $ 4.75 billion in a new funding round

Source link Uber’s rival Bolt was worth $ 4.75 billion in a new funding round

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