NAIROBI, Kenya, Feb 20 – Digital taxi-hailing company Bolt is not planning to raise funds from international investors this year, the company founder has said.
Bolt Founder Markus Villig told Capital Business that the company will instead spend less.
Only last year, the Estonian-based company raised Sh89.4 billion ($709 million) from international investors.
The round was led by Fidelity Management, Research Company LLC, Sequoia, among other.
“So actually, we do not need to but Bolt has always been a very frugal company so we try to keep our cost so minimum and then rather if anything we try to keep our cost down so we can keep the prices low for drivers and passengers,” Villig said.
“So no, we aren’t seeing that we need to fundraise anything more this year,” he added.
Started in 2014, Bolt has grown to become one of the biggest players in the mobility industry by offering low prices to passengers and lower commissions to drivers.
Only last week, the startup announced that it will invest Sh66.9 billion (€500 million) in Kenya and the rest of Africa for its operations over the next two years.
The funds will be used to expand Bolt services in Africa, creating opportunities for over 300,000 new drivers and couriers in 2023.
“Over the past seven years, we have built a strong team of 500 people in Africa and we remain committed to investing into local communities for the long-term,” Villig said last week
“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.”
