Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
COURTESY

Kenya

Bolt secures Sh11billion loan from UK based firm Naya Capital

NAIROBI, Kenya, May 26- Taxi-hailing firm Bolt has secured an Sh11 billion loan that will be used to boost its growth and development strategy.

Bolt, formerly Taxify, will also use the debt facility from United Kingdom based investment firm Naya Capital Management to upgrade product segments to include micro-mobility services and food delivery in Europe and Africa.

“Even though the crisis has temporarily changed how we move, the long-term trends that drive on-demand mobility such as declining personal car ownership or the shift towards greener transportation continue to grow,” said Bolt CEO and co-founder Markus Villig.

“The investment will enable us to continue offering affordable transportation to millions of customers and the best earnings for our partners during the post-COVD world,” he added.

Naya Capital Managing Partner Masroor Siddiqu added that the firm’s investment in Bolt will support its long-term view of expanding its business.

“We believe that Bolt is helping drive a fundamental change in how consumers interact with the transport infrastructure of their cities and look forward to the company’s continued execution on its strategic vision,” said Siddiqu.

The announcement comes at a time when the company announced plans to expand its transport business investing into scooters, bikes and delivery services across its markets.

In January, the firm also received Sh5.6 billion loan from the European Investment Bank (EIB) to launch more products in the market that include personalized mobility services like food delivery.

Bolt currently operates its ride-hailing services in more than 150 cities across Europe and Africa.

Advertisement. Scroll to continue reading.

In the last months, Bolt has accelerated the expansion of its Bolt Food delivery service to cover 12 countries and launched Business Delivery, a service to aid vendors in need of a distribution partner and offer same-day delivery.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...

Headlines

NAIROBI, Kenya, Mar 16 – The World Bank has given the Kenyan government USD 60 Million (Sh6.1 billion) to help combat the deadly coronavirus pandemic...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...