Estonian ride-hailing and food delivery startup Bolt announced on Thursday that it has reached an annual revenue of 2 billion euros (approximately $2.11 billion) as it expands its global presence and prepares for an initial public offering (IPO).
The company stated that its app is available in over 50 countries and ranks as the number one operator in more than 20 of those markets. Bolt has broadened its offerings to include ride-hailing, scooter and e-bike rentals, food and grocery delivery, and car sharing.
Estonia, the company’s home country, is recognized as one of Europe’s largest tech hubs, hosting over 1,450 startups, according to government data.
“I don’t agree with the idea that you cannot achieve world-class marketing or engineering from Europe,” said Bolt’s Chief Executive, Markus Villig, in the statement. He noted that ride-hailing companies will play a significant role in the introduction of self-driving cars. However, he cautioned that it will take years before these services become commercially viable, more affordable than human drivers, and compliant with regulatory standards.
Founded in 2013, Bolt was valued at over $8 billion by early 2022 after raising 628 million euros from investors.