Bolt CEO Markus Villig
Bolt, the Estonian agency greatest identified for its ride-hailing enterprise, introduced Tuesday that it has launched a car-sharing service in Europe because it appears to diversify its income streams.
Like ZipCar and Drivy, Bolt Drive will permit prospects to hire a automobile on demand for a quick interval through the Bolt app, which can be used to hail a taxi, hire bikes and e-scooters, in addition to to order meals.
Bolt mentioned it’ll make investments 20 million euros ($24 million) in launching Bolt Drive in Europe this yr, beginning with a pilot within the Estonian capital of Tallinn the place it’s headquartered. A spokesperson for the corporate mentioned Bolt Drive will launch in a number of different European markets this yr if the Tallinn pilot is profitable.
The pilot will characteristic 500 automobiles together with fashions such because the Toyota Yaris, Volkswagen Golf and Skoda Scala, in addition to larger automobiles just like the Toyota CHR, Volkswagen Troc and Skoda Kamiq. There may even be electrical automobiles just like the Volkswagen ID.3 and premium automobiles just like the Volkswagen Arteon.
Prices will fluctuate relying on the automobile that’s rented. However a Toyota Yaris, for instance, will value 0.07 euros per minute (with an hourly cap of three.90 euros) and 0.15 euros per km. Meaning the value of renting a Toyota Yaris for 2 hours and driving it 10 km could be 9.30 euros. Customers shouldn’t have to pay for parking or gas.
Markus Villig, CEO and founding father of Bolt, mentioned in a press release that he needs individuals to surrender their very own private automobiles. “For individuals to modify from possession to on-demand transport, we have to provide a extra handy, reasonably priced and environmentally sustainable possibility for each distance,” mentioned Villig, who grew to become the youngest founding father of a billion-dollar firm in Europe in 2019.
“We’re already doing this for brief and medium distance journeys. Bolt Drive now covers the remainder of the use instances, whether or not it is a journey to a shopping center or a weekend getaway.”
Bolt, which claims to have greater than 50 million customers throughout 40 nations in Europe and Africa, is valued at round $2 billion. It raised 150 million euros final December in what was its largest funding spherical so far, and 20 million euros from the World Financial institution’s Worldwide Finance Company (IFC) final month.