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London Tech Week

Uber rival Bolt receives €220M debt facility, gears up for IPO

Picture credits: Bolt

Uber rival from Estonia, Bolt, a shared mobility platform, has closed a debut €220 million syndicated revolving credit facility (RCF). The RCF was provided by a syndicate of core relationship banks, supplements the company’s strong cash position and strengthens its liquidity profile.

This RCF was obtained from 8 lenders, including Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, JPMorgan, LHV Pank and Luminor.

The facility is intended for general corporate purposes and, in line with the company’s prudent approach to liquidity management, is currently undrawn. 

Operating in more than 45 countries, primarily in Europe and Africa, Bolt is all set to be ready for an initial public offering (IPO) in 2025.

Three-wheeler EV mini car 

Bolt was founded in 2013 by Markus Villig, Martin Villig, and Oliver Leisalu. After raising €150 million in 2021, the company announced that it will invest to expand its scooter and e-bike operations and create solutions to improve user experience and safety.

Last year, Bolt partnered with Dubai-based micro-mobility startup Buzzz Electric’s Carver to come up with a new and electric compact vehicle that will be available on Malta’s roads. The three-wheeled Carver vehicle, which appears to be a sleek offshoot of a cross between the famed Sicilian Piaggio Ape and a completely electrified future, has now taken to the often chaotic streets of Malta.

The three-wheeled vehicle has a range of 100 kilometres and can comfortably navigate narrow streets. Riders will be able to access the vehicle via the Bolt app as a ‘traffic buster’ category. According to the companies, this will provide a solution to Malta’s mounting traffic and environmental issues.

Autonomous food delivery 

In addition, in 2023, Starship Technologies has announced a new partnership with Bolt, the first European mobility super-app. As a part of the collaboration, Bolt and Starship have signed a commercial partnership opening the door to thousands of robots doing Bolt Food deliveries across multiple countries, starting this year. Starship’s autonomous robots designed to deliver food, groceries, and packages locally in minutes, will be used for the purpose. 

Markus Villig, Founder & CEO said: “Our inaugural revolving credit facility is an important milestone for Bolt, demonstrating the company’s strength and financial maturity. We have secured highly attractive terms due to our solid financial standing. It is a clear reflection of our banking partners’ confidence in our trajectory and provides us with additional flexibility as we work towards being IPO-ready.”

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