Bolt secures about $103mn investment capital to help navigate COVID-19 shocks

Bolt, the ride-hailing company, recently secured a substantial investment round of about $103 million from Naya Capital Management. This injection of capital is aimed at boosting Bolt's growth and development strategy amidst the challenges posed by the COVID-19 pandemic. Ola Akinnusi, the Country Manager of Bolt Kenya, shed light on the impact of the pandemic on the ride-hailing industry and the company's plans moving forward. The COVID-19 pandemic has significantly impacted Bolt's business, which relies heavily on the movement of people and goods. With governments implementing various restrictions to curb the spread of the virus, including limitations on inter-county movement, Bolt has had to navigate through a challenging operational environment. However, Akinnusi expressed optimism about a gradual recovery in the months ahead. The recent investment round provides Bolt with the financial resources to weather the ongoing pandemic and invest in long-term growth. Akinnusi emphasized that the funds would be allocated towards deepening product and service offerings in existing markets, as well as exploring opportunities for expansion into new markets. Bolt's focus remains on long-term sustainability and meeting the evolving needs of customers and stakeholders. Operating in the Kenyan market for some time, Bolt has been proactive in addressing consumer needs through innovative solutions. Akinnusi highlighted the positive response from consumers and stakeholders in the market, attributing it to Bolt's commitment to value-driven initiatives. Moving forward, Bolt plans to continue aligning its strategies with market demands and community needs. In light of the challenging business environment in recent months, Bolt is prioritizing cost-efficiency, organizational strength, and financial resilience. The company's recovery strategy is centered around adapting to changing economic conditions and focusing on investments that align with consumer needs. Despite the slowdown in business, Bolt remains focused on long-term sustainability and profitability. The Kenyan government's plan to implement digital tax regulations for online businesses could impact Bolt's operations. However, Akinnusi emphasized Bolt's willingness to engage in dialogue with regulators and government authorities to ensure that the regulations are balanced and supportive of industry growth. Bolt remains open to collaborating with stakeholders to navigate the evolving regulatory landscape. Overall, Bolt's recent investment infusion and strategic focus on growth and development underscore the company's commitment to overcoming challenges posed by the pandemic and driving long-term success in the ride-hailing industry.