Bolt will invest Sh13.4 billion (100 million euros) in its Kenyan affiliate. To extend its services beyond the 16 places it already serves, This was announced on Monday by Bolt Kenya Country Manager Linda Ndung’u.
The digital ride-hailing company with its Estonian headquarters has allocated 20 percent of the Sh66.8 billion (500 million euros) it will spend over the next two years on its activities in Africa.
The investment is expected to heighten the industry’s escalating competition, which has already seen operators broaden their geographic reach nationwide while introducing new transit services to their platforms.
Linda Ndung’u said, “Bolt shall double down on increasing its footprint across Kenya by expanding its services into more cities and town centers.
She noted that the expansion will provide customers access to economical and high-quality services, as it will create employment prospects for drivers in Kenya.
Bolt services are offered in 16 towns in Kenya, including Kakamega, Nakuru, Naivasha, Eldoret, Kitale, Nyeri, Meru, Embu, Nanyuki, Karatina, Kilifi, and Malindi, as it is the largest ride-hailing service provider in terms of towns.
The transport company, in addition to its recent Bolt Food delivery business, debuted its corporate travel division, Bolt Business, in which the market is mostly dominated by Little.
With over 47 million users and 900,000 drivers on the network, the company offers ride-hailing and delivery services in six African nations: Kenya, Ghana, Nigeria, Uganda, Tanzania, and Tunisia.
Bolt said in a statement that “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 this year.
Bolt which was founded in 2013 by Markus Villig is an Estonian transport company that offers services like a vehicle for hire, micro-mobility, car-sharing, and food delivery. It has its headquarters in Tallinn and operates in over 500 cities in about 45 countries located in Europe, Africa, Western Asia, and Latin America.