Uber rival Bolt secures €220 million in preparation for IPO

Business

Mobility in Estonia to start Bolt plans to go public next year and has secured a 220 million euro credit facility.

This type of loan is a more flexible financing option, allowing businesses to continually withdraw and repay funds as needed. It’s like a corporate credit card.

CEO and founder Marcus Villig said the credit facility will give Bolt “additional flexibility as we work toward IPO readiness.” Said In a statement.

Lenders include Barclays, Deutsche Bank, Goldman Sachs and JP Morgan. The funding complements Bolt’s “strong cash position” and “strengthens its liquidity profile,” the company said.

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In addition to ride-hailing services, Bolt also offers food delivery, car rental, and dockless electric scooter and electric bike sharing.Startup started last year Deliver groceries using autonomous robots In my hometown Tallinn.

Villig launched Bolt in 2013 with just €3,000 in his pocket and only a few dozen drivers using the ride-hailing app. The company’s value is currently over 7 billion euros. The company claims that it has signed over 3 million drivers and counts 150 million customers in 45 countries.

Part of Bolt’s success is that its freight rates are generally lower than those of its competitors. Uber. Nevertheless, the US giant accounts for his 25% of ride-hailing and taxi rides around the world.The portion of the bolt is Estimation At about 5%.

An IPO could give Bolt the infusion of cash it needs to win back some customers from competitors. however, Uber’s scary IPO We don’t know what 2019 will hold, but Bolt may have a hard time convincing investors that ride-hailing and food delivery are still the hot products they once were.

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