Bolt set to invest $530 million in its operations in Africa over the next two years

Ride-sharing company, Bolt, has announced intentions to spend €500 million ($530 million) in its operations in Africa over the next two years in order to grow its services and offer chances for over 300,000 additional drivers and couriers to join the network by 2023.

In addition, the firm also disclosed that it has exceeded 1 billion rides across Africa in just seven years and anticipates the number of drivers on the platform would exceed 1 million in the next six months.

Markus Villig, Founder and CEO, stated: “over the past seven years, we have built a strong team of 500 people in Africa and we remain committed to investing into 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.”

Markus made the remarks while traveling to Africa with Bolt’s global leadership team. The Bolt leadership is visiting local Bolt teams in South Africa and Kenya, where they will meet with senior government stakeholders such as the South African Deputy Minister of Trade, Industry, and Competition, the Executive Mayor of Cape Town, the Gauteng MEC for Economic Development, and Kenya’s Prime Minister, CS Musalia Mudavadi.

According to a statement by the company, since the start of its operations in South Africa in 2016, the company has grown to Kenya, Ghana, Nigeria, Uganda, Tanzania, and Tunisia, with over 47 million consumers and 900,000 drivers.

According to the Regional Manager of West and North Africa, Ireoluwa Obatoki, Africa is a rather complex market, and yet Bolt has shown the ability to navigate this unique ecosystem.

“While many companies are scaling back investments given the macroeconomic environment, we recognise the transformational effect platforms like Bolt can have in Africa,” the regional manager stated.

“We operate in markets where there are unique challenges and by continuing to expand our services, we will offer people new opportunities to earn a good living by being a driver, as well as providing millions of customers with a safe, reliable, and affordable way of moving around their city.” Ireoluwa Obatoki added.

Source: Business Insider