Bolt's annual losses rise to €85 million ({{contentCtrl.commentsTotal}})

Bolt electric scooters.
Bolt electric scooters. Source: Bolt

From the recently published results of 2019, it turns out that Bolt, a company offering scooters and taxis for hire, and food delivery services, had consolidated sales a little less €150 million and losses, which in 2018, stood at €61 million, reaching €85 million, daily newspaper Eesti Päevaleht writes (link in Estonian).

Co-founder and chief-executive of Bolt, Markus Villig, told the daily that currently, they are one of the fastest-growing technology companies. The value of Bolt Technology was evaluated $1.7 billion.

Villig explained that the losses need to be looked at differently than in the case of the so-called old business models, however.

"We are very glad and the investors also expected the result. In order to grow in the competitive market, we need to invest," Villig said.

Villig admitted that for an Estonian company, the loss is substantial, but it is important to see how this is interpreted. "We are getting tens of millions of clients, introducing Bolt. Generally, it will take time in Estonia and Europe to understand this model."

Uber - Bolt's main competitor in the ride-sharing arena - at the beginning of the year announced a €7 billion loss, with a net turnover a bit under €12 billion.

Regarding going public, Villig said that there's still time for that.

Bolt is active in 35 countries and 150 cities with electric scooters in 13 countries and home delivery of food and consumables in 14 countries.

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Editor: Roberta Vaino

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