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Uber-rival Bolt enters European food delivery business

Estonia Bolt, a popular car exchange service in Eastern Europe and Africa, launched a meal delivery service in its hometown of Tallinn on Wednesday and said it plans to launch Bolt Food in South Africa, Latvia and Lithuania this year. The same.

Until the beginning of this year, Bolt, known as Taxify, had acquired most of the major cities of Africa and Eastern Europe from Uber. It now operates in 30 countries.

Bolt is the latest in the food delivery market, and many startups and other companies involved in horseback riding have been operating for many years. It plans to win market share at a lower price, provide better service to consumers, and build on a broad user base.

“This is a very competitive market,” Bolton’s chief product officer Geffeni Kabanov told Reuters in an interview.

The article continues in British Columbia

“However, more than 25 million people worldwide use Bolt, and food supplies have been a common demand for a long time.”

Bolt was renamed in early 2019 to ensure that the ride and taxi are not confused and represents its expanded product – it has launched a motorcycle rental service in a particular city.

“I would say delivery is the third largest product we have launched. It is very appropriate for our strategy,” Kabanov said.

In the first half of 2019, Uber said revenue from Uber Eats almost doubled to $ 1.1 billion. But the industry has proved difficult for some startups as investment fell from its peak in 2015.

Venture capitalists have generally pulled out of the industry due to concerns about excessive competition and high valuations of often unprofitable companies.

In Tallinn, Bolt Food will be the main competitor of Helsinki Food Distribution Services, which has raised $ 160 million since the beginning of 2018.

Founded in 2013, Bolt has raised more than $ 200 million from investors, including Daimler and China Didi Chuxing Technology Co., Ltd.

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