Ride hailing app Bolt, formerly Taxify, has announced that it’s securing a €100-million investment from UK based investors, Naya Capital Management. The amount is to assist the company in expanding its service in Europe and Africa. This is to include its transport, food home delivery, and electric scooter rental services.
It is not clear exactly what terms were considered to come up with the deal or whether Naya Capital will have a share of the app after investing. This round of financing, together with a previous one, makes it more than €300 million of capital that Bolt has pulled together.
The company CEO Markus Villig stated that the coronavirus pandemic has “temporarily changed our movement habits, but the long-term trends have stayed the same.” He believes that the world is heading towards a more environmentally-friendly transport, and the popularity of owning a personal car is decreasing.
Masroor Siddiqui, the Managing Partner, and CIO, of the Naya Capital Management says that they are delighted to have the opportunity to invest in Bolt. He credited the company for establishing itself as “one of the most competitive and innovative players in global mobility.”
Early on in the coronavirus pandemic, the company had sought for a credit support bailout from the Estonian government. This is after a switch to quarantine-friendly services failed to sufficiently improve its finances. Bolt asked for €50-million in loans or public credit guarantees after commercial lenders refused to take part in the existing state guarantees.
Bolt provides transportation services in more than 150 cities in Europe and Africa. During recent months, the company has accelerated placing Bolt Food on the market and is now offering the service in 12 countries as well, and has activated a business delivery service too.