Uber rival Bolt lifts valuation to $4.8bn in delivery push

Bolt Know-how OU, which competes with Uber Applied sciences. in Europe and Africa, doubled its valuation to 4 billion euros ($4.8 billion) after elevating cash to finance a grocery-delivery service.

The Estonia-based firm raised 600 million euros from buyers together with Sequoia Capital and Tekne Capital Administration to finance a 15-minute grocery supply service known as Bolt Market in 10 European international locations over the subsequent few months, it stated in an announcement.

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Bolt, which operates in 45 international locations in Europe and Africa, is bolstering the companies it gives to its 75 million clients by way of its cell app with grocery supply becoming a member of meals supply in addition to automobile sharing, journey hailing and even the usage of scooters and e-bikes.

Automobile-sharing has been gaining momentum for the previous decade, with peer-to-peer companies or fleets of automobiles linked by way of digital purposes accessible in most main cities. The mobility business is attracting billions of {dollars} in funding with bets on disrupting the standard car-rental enterprise mannequin and on modifications in possession attitudes.

Bolt stated it plans to launch the grocery supply service within the Baltics, Central Europe, Sweden, Portugal, Croatia and Romania.

© 2021 Bloomberg

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