Ride-hailing company Bolt (recently Taxify) has received a capital boost amounting to Sh11 billion ($109 million) from Naya Capital Management to aid its growth and development strategy as more challenging times approach.
The fresh capital will be invested in the company’s ride-hailing, food delivery, and e-scooter rental services in Europe and Africa as it prepares to weather the economic storm over the next several months caused by the Covid-19 pandemic.
“We are happy to be backed by investors who support our long-term view. This enables us to continue offering affordable transportation to millions of customers and the best earnings for our partners during the post-Covid world,” CEO and co-founder Bolt, Markus Villig said.
Bolt currently operates its ride-hailing services in more than 150 cities across Europe and Africa and in the last few months, has accelerated the expansion of its Bolt Food delivery service to cover 12 countries and launched business delivery, a service to aid vendors in need of a distribution partner.
“We are delighted to have the opportunity to invest in Bolt at this stage in the company’s growth story and believe that Bolt is helping drive a fundamental change in how consumers interact with the transport infrastructure of their cities,” Managing Partner and CIO, Naya Capital Management, Masroor Siddiqui said.