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Friday, December 8, 2023
HomeBusinessBolt secures $24 million from IFC to expand into emerging markets.

Bolt secures $24 million from IFC to expand into emerging markets.

Bolt, the ride-hailing service, has secured a 20 million euro investment from the International Finance Corporation (IFC) to aid in its expansion efforts in emerging markets. The company, which was founded in 2013 and has over 50 million users across 40 countries, has been able to effectively compete with Uber, particularly in African cities and Eastern Europe. The investment from IFC aims to leverage technology to disrupt the transport sector in a sustainable way, providing more flexible work opportunities for women and creating safer and more affordable transportation access in emerging markets.

In addition to providing ride-hailing services, Bolt also offers scooter rental, food delivery, and parcel delivery services. Last year, the company raised 100 million euros from Naya Capital Management, which valued the company at 1.7 billion euros. Bolt also secured an agreement with the European Investment Bank for 50 million euros in debt financing. This latest investment from the IFC is further evidence of the company’s success and potential for growth in the future.

Bolt’s ability to secure significant investments from reputable institutions like the IFC and the European Investment Bank indicates the company’s strength and potential to continue dominating emerging markets. The focus on technology, sustainability, and creating flexible work opportunities for women positions Bolt as a leader in the transportation sector, particularly in regions where access to safe and affordable transportation is crucial.

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