Global shared mobility platform Bolt has achieved €2 billion (R38.2 billion) in annual revenue, as announced by the company’s founder and CEO, Markus Villig.
Speaking on the popular tech podcast 20VC hosted by Harry Stebbings, Villig described in detail Bolt’s rapid growth since he founded the company as a teenager in Estonia in 2013, with the modest backing of a €5 000 loan from his parents.
He also challenged the view that Europe’s tech talent pool was weaker than Silicon Valley, highlighting the talent available in Europe as a key driver of Bolt’s success over the years.
“I don't really agree that you cannot figure out how to do world-class marketing or engineering from Europe. In our experience, what has worked significantly better [than hiring from the US] is taking people from Europe who are really talented and hard-working but have just never had the opportunity to compete on the world stage before,” Villig said.
“Those are the people that really built the company and have grown with it - it’s a completely different mentality to hiring people in Silicon Valley who might move on to the next thing two years later.”
During this early period, the company’s founder bootstrapped the business, scaling Bolt out of its home market of Estonia with a small team.
Today, Bolt has expanded its offering to five products including ride-hailing, scooter and e-bike rental, food and grocery delivery, and car-sharing, and is present in more than 50 countries.
Looking forward, Villig said Bolt will be crucial to deploying Autonomous Vehicles (AV) technology at scale, and this was an important strategic priority for the business.
“Ride-hailing companies are going to be the best way for self-driving cars to come to market. Some people think that these companies are going to build their own operations and companies like ours are going to get squeezed out of the market,” he said.
“I think these people just have no idea about the complexities involved and how difficult it is to scale ride-hailing networks such as this. We’ve been building this for 11 years with human drivers and that’s already hard.
“If you add the complexity of managing this autonomous operation and cleaning the cars and charging them and so on, I think it's only going to get more difficult.”
However, Villig did urge caution when talking about the timing for AV technology to come to market, saying companies working in the space were “years out before having a service that is commercially viable, cheaper than a human driver and one that meets regulatory requirements.”
Last month, Bolt announced that its drivers-partners will benefit from various financial services, including debt counselling, consolidation, credit monitoring and tailored solutions for addressing specific financial challenges.
Liberty will also provide access to life insurance, disability cover, medical cover, and investment options, all supported by FICA/FAIS-registered financial advisers. These advisers will guide drivers on important topics such as savings, debt management, and retirement planning.
For Bolt drivers, financial stability is crucial to their long-term success. These workshops aim to help them manage debt, improve their financial health, and increase their chances of vehicle ownership. By providing drivers with access to key financial services, this initiative helps them achieve greater economic independence.
BUSINESS REPORT