Bolt plans $530 million investment in Africa in two years

Nairobi. Bolt mobility app in Africa, has announced plans to invest €500 million ($530 million) in its operations on the continent over the next two years to expand its services on the continent and create opportunities for over 300,000 new drivers and couriers to join the platform in 2023.

Having launched in South Africa in 2016, Bolt now operates ride-hailing and delivery services in six further countries – Kenya, Ghana, Nigeria, Uganda, Tanzania and Tunisia – with over 47 million customers and 900,000 drivers on the platform.

Bolt Business, Bolt’s corporate travel arm, has also been introduced in Nigeria, South Africa, Ghana, Tanzania and Kenya, offering local businesses safe and affordable ways for their employees to travel.

Bolt has also announced that it has surpassed 1 billion rides in Africa in just seven years and expects the number of drivers on the platform to hit over 1 million in the next six months.

Markus Villig, the Bolt founder and CEO, said: “Over the past seven years, we have built a strong team of 500 people in Africa and we remain committed to investing into local communities for the long-term. At a time when many countries are facing economic challenges, we will continue to grow our presence in Africa through this new investment which offers massive potential to create new jobs and income opportunities for drivers and couriers.”

Markus’ comments came as he arrived in Africa with Bolt’s global leadership team. The Bolt leadership is visiting local Bolt teams in South Africa and Kenya and meeting with senior government stakeholders, including the South African Deputy Minister of Trade, Industry and Competition; the Executive Mayor of Cape Town; the Gauteng MEC for Economic Development and Kenya’s Prime CS Musalia Mudavadi.