Bolt has announced it has surpassed 150 million customers in over 45 countries and 500 cities despite its security woes in Kenya, Nigeria, South Africa and several other markets on the continent.
The firm’s 150 million customers are spread across its suite of mobility products which include ride-hailing, micromobility (scooter and e-bike rental), food delivery, grocery delivery, Bolt Drive, a free-floating car-sharing service, and Bolt Business, a corporate mobility service. Bolt has also announced there are now over 3.5 million partners (drivers and couriers) using the app to earn a living, including over 1 million in Africa alone.
According to Markus Villig, Founder and CEO of Bolt: “This extraordinary scale will allow us to reach profitability over the next 12 months. Bringing Mikko’s expertise on board at this crucial time for the business will be invaluable as we continue our focus on long-term and sustainable growth, and begin our preparations for IPO.”
Founded in Estonia in 2013, Bolt now operates in over 45 countries and 500 cities and is expected to reach full profitability over the next 12 months. The firm has also appointed Mikko Salovaara as its CFO as the business hits ten years since it was founded by a then 19-year old Markus Villig.
Despite significant headwinds including a surge in inflation, rising interest rates and an uncertain macroeconomic outlook across many markets, Bolt increased its revenue significantly and is on track to become the first European mobility platform to be fully profitable within the next 12 months.
Mikko will take up his new role with Bolt later this month.
“In an industry where it is notoriously hard to operate profitably, Bolt stands head and shoulders above its competitors. The culture of maximising operational efficiency which was instilled by Markus ten years ago continues to guide the business today and has left Bolt well-positioned to reach and maintain long term profitability. I look forward to being part of this next stage in Bolt’s journey as the business prepares for IPO,” said Mikko Salovaara, Bolt’s incoming Chief Financial Officer.
After initially starting as a ride-hailing app in 2013 when Markus personally recruited drivers on the streets of Tallinn, Bolt has undergone dramatic growth in recent years. Launching food delivery in 2019, followed by scooter rentals in 2020, and grocery delivery and car-sharing in 2021.
