Bolt Barges into Europe’s Food delivery Market

Bolt, an Estonia-based ride sharing service, has forayed into the food space, Reuters reported. It rolled out a food delivery service in the capital city of Estonia, Tallinn on Wednesday.

“This is a very competitive market,” Jevgeni Kabanov, CPO of Bolt was quoted as saying by Reuters.

According to the company, within this year, it could roll out the same service in Latvia, South Africa, and Lithuania. On the other hand, it has entered the food delivery market lately than other companies such as Uber and other ride-hailing firms.

Now, it is looking to acquire low cost market share for customers and provide good amount of cut for deliver personnel.

Bolt was called Taxify until few months back. It has now taken business from rivals Uber mostly in major parts of Eastern Europe and few African cities and currently, it’s operates in 30 countries.

The company choosed to rebrand itself in order to ensure the ride-hailing service is not confused with taxis and to represent its widening offering - it has launched scooter rentals in selected cities.

The main competitor for Bolt in its home turf will be Wolt, a Finnish food delivery service, which has got $160 million in fundings since last year.

Bolt has raised funds worth $200 million from different investors including the Chinese ride-hailing service, Didi Chuxing Technology Co and Daimler.

The new move by Bolt is promising in terms of growth and sustainability.