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Bolt Secures $713M Funding to Develop Its Grocery Delivery Service

UTC by Benjamin Godfrey · 3 min read
Bolt Secures $713M Funding to Develop Its Grocery Delivery Service
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The Bolt food and grocery delivery service is billed to bring comfort to homes as it promises a swift 15 minutes timeframe between placement for orders and actually door delivery. 

Bolt, the popular ride-hailing services firm from Estonia, has raised the sum of €600 million (US$713 million) in a new funding round as led by both new and existing investors to develop its grocery delivery service. According to a report by CNBC, investors including Venture capital firm Sequoia and fund managers Tekne and Ghisallo took part in this latest financing, while existing investors G Squared, D1 Capital, and Naya also shored up their stakes.

Per the report, the reiterated its mission to make urban transport more sustainable for all. 

“Bolt’s mission is to make urban travel affordable and sustainable,” said Markus Villig, Bolt’s CEO and founder. “We are building a future where people are not forced to buy cars that cause traffic and pollution, but use on-demand transport when they actually need it.”

Per the report, the firm aims to use the funding to develop its new venture, the Bolt Market, an on-demand grocery delivery service that will be launched in 10 European countries. These nations include Croatia, Sweden, Romania, and Portugal will be amongst the pioneer of the next generation of Bolt services billed to also span into bike rentals.

Evolution is the name of the game, and Bolt’s diversification into household grocery delivery services will help it compete with other notable competitors including Uber Technologies Inc (NYSE: UBER), and Free Now. The new service is a part of the suite of offerings billed to turn the Bolt platform into a Super App.

Bolt’s earlier investors including the World Bank and the European Investment Bank pivotal to the company’s growth since its inception in 2013. According to CNBC, the latest funding round has earned the startup a valuation of $4.75 billion, up from the $2 billion it recorded in its last private financing.

Bolt Markets: Convenience Food and Grocery Delivery Service

The Bolt food and grocery delivery service is billed to bring comfort to homes as it promises a swift 15 minutes timeframe between placement for orders and actually door delivery. 

“Orders are assembled in a matter of minutes. It is a lovely service for people who want to make porridge at home but discover they have run out of milk. It’s a way of getting the milk you need in 10-15 minutes, and perhaps a few more items your fridge is missing. It is not a place for a family’s weekly shopping but rather the rebirth of the corner grocery store – convenience and speed is what is added by the delivery service,” said Jevgeni Kabanov, chief of product development at Bolt

When the service becomes fully functional, customers would be able to shop on Bolt Market as a viable alternative to a small supermarket. According to Kabanov, as many as 1000 to 2000 items will be up for order, a list that is bound to be expanded over time.

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Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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