Bolt adds car-sharing service as next expansion path

Bolt Technology OU, which competes with Uber Technologies Inc in Europe and Africa, will roll out a brand new car-sharing project within the Estonian capital, in line with founder and chief government officer Markus Villig.

If the pilot in Tallinn proves profitable, Bolt will shortly increase it to different cities as it’s performed with the two-year-old meals supply service, which now operates in 20 international locations, Villig stated in an interview. The company will lease 500 automobiles for the preliminary stage, he stated.

Car-sharing has been gaining momentum for the previous previous decade, with peer-to-peer providers or fleets of autos linked by way of digital purposes obtainable in most main cities. The rising mobility business is attracting billions of {dollars} in funding with bets on disrupting the standard car-rental business mannequin and on adjustments in possession attitudes.

Bolt, which operates in about 40 international locations in Europe and Africa, says it’s the primary mobility platform in Europe to supply car-sharing, ride-hailing and micromobility with scooters and electrical bikes in a single app.

The newest addition, known as Bolt Drive, will permit clients to unlock automobiles with the app and the company is betting it can immediate some drivers to surrender automotive possession.

“We are coming to the market with steeply lower prices than everyone else,” Villig stated. This is a “value level the place it actually is smart for individuals to swap over for a automotive. “

After a $20 million fund elevating spherical from the World Bank in March, Bolt is now valued at greater than $2 billion. The company, whose earlier traders included Daimler AG and China’s Didi Chuxing Inc., might elevate further funds over the next 18 months, topic to plans for expansion and negotiations with traders, Villig stated.

Read: How Uber and Bolt charges are calculated in South Africa – and what drivers can earn for a brief journey

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