Bolt, the renowned ride-hailing and micromobility company, is gearing up for a potential public listing as it sets its sights on achieving profitability within the next year.
With a valuation exceeding $8.4 billion, Bolt operates multiple verticals within its business, including taxi hailing, e-scooter rentals, and food delivery.
Having surpassed 150 million customers, the company is confident in its ability to achieve profitability within the next 12 months as it prepares for an initial public offering (IPO).
To spearhead this important endeavor, Bolt has appointed Mikko Salovaara as its new chief financial officer, who previously held the same position at European fintech giant Revolut.
Salovaara highlighted Bolt’s exceptional position in the industry, stating, “In an industry where it is notoriously hard to operate profitably, Bolt stands head and shoulders above its competitors.”
He further emphasized the culture of operational efficiency instilled by Bolt’s CEO, Markus Villig, which has positioned the company for long-term profitability.
Bolt, along with its competitors, has faced challenges in the past year due to the broader tech sector downturn. However, the company remains optimistic and plans to go public on a stock exchange in 2025, taking into account the economic environment at that time.
While Bolt did not disclose specific revenue figures, it did mention “significant year-on-year profitability gains” in 2022. The company operates in 45 countries, primarily in Europe, with a growing presence in Africa.
Villig expressed confidence in Bolt’s ability to achieve profitability, given its extraordinary scale, and emphasized the importance of Mikko Salovaara’s expertise as the company focuses on long-term and sustainable growth in preparation for the IPO.
Bolt has successfully raised over $2 billion in funding, boasting prominent backers such as Sequoia Capital and Fidelity. Originally founded as a ride-hailing app a decade ago, Bolt has since expanded into various sectors, including food delivery, car-sharing, and e-scooter and e-bike rentals, with a particular emphasis on the latter. Just last month, the company unveiled its latest e-scooter model, solidifying its commitment to sustainable mobility solutions.