E-hailing firm Bolt has unveiled its expansion plan in Africa as it is set to create thousands of opportunities for drivers on the continent.
Despite the economic downturn, the mobility startup plans to invest €500 million in Africa over the next two years, noting that the funds will be used to create opportunities for over 300,000 new drivers and couriers to join the platform in 2023, as well as establish new offices.
The company’s CEO and founder Markus Villig said, “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. At a time when many countries are facing economic challenges, we will continue to grow our presence in Africa through this new investment which offers massive potential to create new jobs and income opportunities for drivers and couriers”.
Also speaking on the startup expansion plan in Africa is Bolt VP Paddy Partridge who said, “Africa is a continent that we are very much committed to and see future growth in. We are planning to continue expanding the team; thankfully we are not in the same position as a lot of companies that have to do a lot of layoffs.
“A big part of Bolt’s DNA has been around frugality, where we have grown with quite a lean team structure, and we keep a close eye on cost. As the economic context worsens, we don’t now find ourselves in a situation where we actually have to be paying off people. Rather, we are actually looking to hire continuously as we grow consistently.”
Investors King understands that Bolt has surpassed 1 billion rides in Africa, in just seven years, and expects the number of drivers on its platform to hit over 1 million in the next six months. Following its funding round in January 2022, which saw it raise $709 million, Bolt disclosed it will be using the funds to continue expanding to new geographies and to bring more consumers and partners to its super app.
Last year July, the startup opened a new Africa head office in Nairobi, Kenya, which will be a regional hub for the seven (7) African countries in which it is operational such as Uganda, Nigeria, Tanzania, Kenya, Tunisia, Ghana, and South Africa. Currently, Bolt employs more than 400,000 drivers in over 70 cities in Africa, with its recent plan to employ more drivers.
