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Friday, May 20, 2022

Uber rival Bolt lifts valuation to $4.8bn in supply 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 traders together with Sequoia Capital and Tekne Capital Administration to finance a 15-minute grocery supply service referred to as Bolt Market in 10 European international locations over the following few months, it mentioned in an announcement.

Bolt, which operates in 45 international locations in Europe and Africa, is bolstering the companies it provides to its 75 million prospects by way of its cellular app with grocery supply becoming a member of meals supply in addition to car-sharing, ride-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 out there 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 mentioned it plans to launch the grocery supply service within the Baltics, Central Europe, Sweden, Portugal, Croatia and Romania.

© 2021 Bloomberg

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