In its seven African markets, Bolt claims more than 47 million customers, 900,000 drivers, and more than one billion trips. Its new investments are expected to generate more than 300,000 new jobs.

Last Thursday, Estonian mobility start-up Bolt announced plans to invest €500 million to expand its activities in Africa over the next two years.

According to the company's statement, the investments will create new opportunities allowing more than 300,000 new drivers and couriers to join the platform by 2023. "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," said Markus Villig, Bolt's founder and CEO.

On Monday, February 20, Linda Ndungu, Bolt Kenya's country manager, announced that of the planned investment amount, €100 million will be injected into the Kenyan subsidiary to expand its services beyond the 16 cities where it currently operates.

As such, this investment is expected to intensify the growing competition in the Kenya mobility sector that recently welcomed new entrants such as Farasi Cabs and Yego Global. Nevertheless, Bolt remains the largest ride-sharing services provider by the number of cities covered in Kenya.

The multinational company plans to add more employees to its team of 200 in South Africa while establishing additional offices across the continent in the next 12 to 18 months. To date, Bolt has more than 100 million customers worldwide, nearly half of whom are based in Africa.

Samira Njoya