In February 2023, Bolt announced it would invest $500 million over the following two years to accelerate its growth in Africa. Since the beginning of 2024, the startup has entered several additional markets on the continent. 

Estonian e-mobility start-up Bolt has launched in Cairo, Egypt, co-founder Martin Villig announced on X (formerly Twitter), on Monday. This makes Egypt the fifteenth country the ride-hailing startup is entering and the second in North Africa (After Tunisia in 2019).  

The startup intends to establish itself in the Egyptian market by eliminating the 15% commission charged to drivers for the first six months and offering a 50% discount to customers.

Eduard Suchanek, Bolt's Regional Director for the Middle East and North Africa, says: "Bolt’s entry into one of the largest economies in North Africa underscores our commitment to revolutionizing mobility in the region. By offering ride-hailing services tailored to both individual and corporate needs, Bolt aims to provide Egyptians with convenient, reliable, and affordable transportation options."

Bolt is expanding in Africa in a context marked by a global tech investment slowdown. Tech investments on the continent fell 54% to $2.3 billion in 2023, according to Partech Africa. E-mobility was particularly hard hit, with funding down 75% from 2022.  

It is worth noting that the entry into Egypt is in line with the ride-hailing startup’s plan, announced in February 2023, to invest $500 million in its African expansion plan in two years. 

With its new expansion in Egypt, Bolt aims to conquer North Africa and the Middle East (MENA), a region where it has little presence and which is dominated by the American Uber and the Emirati Careem.

Adoni Conrad Quenum