You are currently viewing From Uber-rival to Getir-rival: Bolt raises €600M at €4B+ valuation to take on the fiercely competitive grocery delivery sector

From Uber-rival to Getir-rival: Bolt raises €600M at €4B+ valuation to take on the fiercely competitive grocery delivery sector

Estonia-based Bolt is a transportation platform providing ride-hailing, micromobility, and food delivery services. The company claims to build the future of logistics – one platform that connects with cars, motorcycles, scooter sharing, or food delivery from restaurants.

Bolt raises fresh capital

In a recent development, Bolt has announced that it has raised €600M in a fresh round of funding, at a valuation of more than €4B.

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The current round saw participation from a range of investors including Sequoia and fund managers Tekne and Ghisallo. Existing investors G Squared, D1 Capital, and Naya also invested in this round.

Readying to take on the competitive grocery delivery space

The proceeds from this round will be used by Bolt to accelerate its new grocery delivery service, Bolt Market, as well as boost the company’s expansion of existing mobility and delivery products.

Bolt Market will be launched in 10 European countries over the next few months, including the Baltics and Central Europe, Sweden, Portugal, Croatia, and Romania.

Speaking on the development, Markus Villig, CEO at Bolt says, “After seven years of relentless execution, Bolt’s mobility and delivery products offer a better alternative to almost every use case a car serves. I’m thrilled to bring these products to millions of customers around Europe and Africa, taking the emphasis off cars and giving cities back to the people.”

He further adds, “In addition to our core ride-hailing product, we now offer a car-sharing service, Bolt Drive, and scooter and e-bike sharing. Our delivery services include Bolt Food, which enables customers to order meals from restaurants, and the most recent addition to Bolt’s ecosystem is a grocery delivery service, Bolt Market.”

The company faces stiff competition from Istanbul-based online grocery delivery unicorn Getir. Earlier this year, in June, the company raised a whopping $550M in its Series D round of funding at valuation at over $7.5B. Last month, Getir announced the acquisition of the online grocery startup BLOK to cement its position in the European market. Getir is active in Spain and Italy, with the big markets being Barcelona, Madrid, and Milan. Post the acquisition, Getir will get immediate access into Spain and Italy, with Portugal soon to follow.

Affordable and sustainable mobility

Bolt was founded in 2013 by Markus Villig, Martin Villig, and Oliver Leisalu. Previously known as Taxify, Bolt is a transportation platform that provides ride-hailing, micromobility, package delivery, and scooter-sharing services.

The company’s mission is to make urban travel easier, quicker, and more reliable. It has more than 75 million users in more than 45+ countries across Europe and Africa. The company claims that all Bolt rides in Europe are 100 per cent carbon-neutral as part of its Green Plan, a long-term commitment to reduce the ecological footprint of the company.

Recent developments

Earlier in May 2021, Bolt announced the launch of its new car-sharing service, Bolt Drive. It is a free-floating car-sharing service. It allows customers to see the vehicles nearest to them on a map and book a car using the Bolt app. Users can start the ride by unlocking a car with a mobile phone and finish it anywhere in the city, within an area indicated in the app. Also, users do not have to pay for parking or fuel.

Prior to that in March 2021, the Estonian ride-hailing company received a €20M investment from International Finance Corporation (IFC) – a member of the World Bank Group. The startup partnered with IFC to expand its mobility services in emerging markets.

And in December 2020, Bolt raised €150M in funding led by D1 Capital Partners, with the participation of Darsana Capital Partners. The capital was raised to help Bolt further enhance the safety and quality of its products.

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