Taxi hailing company Bolt, has announced plans to invest €500 million (Sh67 billion) in its operations on the continent over the next two years.
The funds will be used to expand Bolt services in Africa 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.
“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,” said Bolt Founder and CEO Markus Villig.
The firm in its annual insights announced 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.
The Regional Manager - East and Southern Africa, Takura Malaba, says the investment comes at a time that many companies are scaling back investments given the macroeconomic environment.
“We operate in markets where unemployment is often high and by continuing to expand our services we will offer people new opportunities to earn a good living by being a driver, as well as providing millions of customers with a safe, reliable and affordable way of moving around their city,” said Malaba
Bolt’s global leadership team is currently visiting South Africa and Kenya and meeting with senior government stakeholders ahead of the investment.
In 2021, Bolt introduced a new service which allowed female riders to choose a female driver for their journey.
This new category not only increased safety for both drivers and riders in South Africa, but also provided women with a way to explore new earnings opportunities.
Following the success of the ‘women-only’ category in South Africa it was also launched in Nairobi and Mombasa, Kenya.
