Estonia’s car-hailing platform Bolt is profitable in two-thirds of the markets in which it operates, surpassing Uber’s profitability.
Founded in 2013 as Taxify and rebranded as Bolt, the Estonian company has a 25 million customer base and operates in 35 cities in Europe and Africa.
The company is one of the companies moving quickly fill the vacuum in London, where Uber’s license was revoked in November. India’s Ola is also expected to enter London’s market. Uber has also withdrawn from Denmark, Bulgaria, Hungary, and Turkey.
Like Uber, Bolt is overall unprofitable, with net losses of € 61 million for 2019, down from €80 million last year. According to the company’s management, big cities require an upfront investment but as soon as the company stops expanding it could break even within a year.