Leading mobility app, Bolt said it plans to invest €500m in its operations on the African 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 including 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 one billion rides in Africa in seven years and expects the number of drivers on the platform to hit over one million in the next six months.
Markus Villig, founder and CEO of Bolt said, “Over the past seven years, we have built a strong team of 500 people in Africa, and we remain committed to investing in 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 where they are 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, the Kenyan prime cabinet secretary ministry of trade, investment, and industry and the governor of Nairobi County.
Takura Malaba, Regional Manager – East and Southern Africa, said, “While many companies are scaling back investments given the macroeconomic environment, we recognise the transformational effect platforms like Bolt can have in Africa.
“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.”