Multiple players find the e-taxi business challenging. Bolt, for instance, has been expanding rapidly in the African market over the last couple of months. However, while doing that, the drivers claim it has also faced backlash from driver-partners and their associations for using underhand tactics to stifle their income.
Others, like Uber, have also faced similar backlash. Uber also remained largely unprofitable for an extended period and only turned its business around a few years ago amid pressure from investors who said the company should change its top leadership.
The good news from this business is that Bolt has reached €2 billion (KES 272 billion) in annual revenue, as revealed by its Founder and CEO, Markus Villig, on the 20VC podcast hosted by Harry Stebbings.
Villig traced Bolt’s journey from its founding in 2013 with a €5000 parental loan in Estonia to become a significant player in shared mobility.
Initially bootstrapped, the company now operates in over 50 countries, leading in 20+ markets, and offers five services: ride-hailing, scooter and e-bike rental, food and grocery delivery, and car-sharing.
Villig attributed the company’s success to European talent, countering the belief that Europe’s tech capabilities are inferior to Silicon Valley.
He said that nurturing untapped talent within Europe is more important than hiring from the US, noting the long-term commitment of European professionals compared to Silicon Valley’s transient workforce.
Looking ahead, Villig identified Autonomous Vehicles (AV) as a core focus, with Bolt aiming to play a central role in scaling AV technology deployment globally.
