Bolt plans to invest €500M in Africa, announces 1 billion ride milestone

Ride-hailing platform Bolt has announced it has exceeded one billion rides on its platform across seven African countries, where it operates ride-hailing and delivery services.

Additionally, the company plans to invest €500 million ($572 million) in its operations on the continent over the next two years, according to a recent announcement.

The company's investment in Africa will be used to expand services on the continent and create opportunities for over 300,000 new drivers and couriers to join the platform in 2023. Bolt Business, the corporate travel arm, has already been launched in five African countries, providing local businesses with safe and affordable travel for their employees.

With a presence in more than 45 countries and over 100 million users worldwide, Bolt offers a range of transportation services, including ride-hailing, food and grocery delivery, and car rental, as well as a women-only ride service in South Africa and Kenya.

Bolt's €500 million investment in Africa demonstrates its commitment to expanding its services on the continent, as the ride-hailing market in Africa continues to grow. The company expects the number of drivers on the platform to hit over one million in the next six months, according to a recent announcement.