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Bolt raises R10.3 billion to boost grocery delivery service

bolt raises r103 billion to boost grocery delivery service

E-hailing platform Bolt has closed a R10.3 billion funding round with it set to expand its new grocery delivery service, Bolt Market.

Announced on 2 August, the round brings the company's valuation to more than R68.6 billion.

"Bolts mission is to make urban travel affordable and sustainable,"

Bolt CEO, Markus Villig, said in a statement.

"We are building a future where people are not forced to buy cars that cause traffic and pollution, but they can rather use on-demand transport when they actually need it."

"After seven years of relentless execution, Bolts mobility and delivery products offer a better alternative to almost every use case a car serves."

The company raised the amount from a collection of new and existing investors.

New investors included Sequoia, Tekne, and Ghisallo while existing investors included G Squared, D1 Capital, and Naya.

Bolt is redefining urban transportation in much of the world," Partner at Sequoia, Andrew Reed said.

"Were delighted to partner with them."

The company will use the amount raised from the round to launch Bolt Market in 10 European countries during the next few months.

The service will operate using the same platform technology and network as Bolt Food.

Launched in 2013, Bolt enjoys over 75 million users globally.

In addition to its core e-hailing product, the company offers other services as car-sharing service, Bolt Drive.

Bolt in South Africa
In 2020, the company launched Bolt Food in South Africa. The service lets app users order food from local restaurants by way of delivery drivers.

The company said it would not include South Africa in Bolt Market's initial launch. However, the country and market would still benefit from the investment.

"Bolt continues to expand on its range of transportation options for different distances and needs, so that our customers can give up their personal cars and contribute to cleaner cities worldwide," Regional Manager for Bolt Southern Africa, Gareth Taylor said.

In June, the company partnered with Pathway Cycles to launch an electric bicycle project in Cape Town.

"We look forward to expanding our products and services in the future," Taylor added.