How This Estonian Startup Beat Uber At Its Own Game | Forbes
While the world’s leading ride-sharing business was blowing billions of dollars trying to buy global domination, Markus Villig was busy doing the opposite with Bolt. Working on a meager budget, he built a $8.4 billion operation - and an $700 million fortune - by focusing on overlooked markets in Africa and Europe.
Between 2015 and 2019, Villig white-knuckled Bolt from $730,000 in revenue to $142 million. He couldn’t afford big losses, so he operated the company close to break-even. Uber, by contrast, burned through $19.8 billion, almost $6.3 million a day, before going public in 2019.
Villig’s thrifty approach has paid off. The business now has more than 3 million drivers, operates in 45 countries and generated $570 million in 2021 revenue. As of its last fundraising round, in January 2022, the company was valued at $8.4 billion; startup values have since tumbled, and the 29-year-old Villig’s 17% stake is currently worth $700 million, Forbes estimates.
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Пікірлер: 70
I love that the founder is a coder, IMO it will definitely give him an edge running saas
I live in the UK, we have both Bolt and Uber. They are very similar products and mainly compete on price. It’s way to easy to spend 30 seconds checking both apps and then saying Bolt is 30p cheaper I’ll go for that or Uber is 30p cheaper I’ll go for that. Honestly, I can’t see either getting to profitability until the other drops out so I’m just enjoying the thought that my journeys are being subsidised by venture capitalists until that point.
@MnrBloemie
Жыл бұрын
In South Africa the main difference is security. Because of the high crime rate obviously ride-share drivers have become targets for criminals for either just snatch-n-run as you enter/leave the car, or even just hijacking the whole car. Bolt has been very slow in integrating the necessary features and this sort of forced everyone over to only use Uber because their security features were implemented very quickly and it's very effective. Their safety hotline has a direct connection to the 10111 call center with dedicated agents only answering their calls and dispatching armed response and police to the Uber location. You don't get that even from the SAPS. It's very effective. On a price comparison Uber will be 10% more expensive depending on the car type you choose, but it's a small premium to pay. Another thing Bolt seriously has to look at, not sure if it's a global problem, but in South Africa you get cycled between 10-15 drivers before someone accepts. Their drivers are allowed to accept your ride, make you wait for 15 minutes then just drop it without any consequences it seems. Whereas Uber drivers will accept your ride within 3minutes.
@HK-gm8pe
Жыл бұрын
in Estonia Bolt has basically eaten out all the other taxy companies :D few remaign :D absolutely nobody uses UBER here :D
the founders story is inspiring. i was trying to build a ride hailing app in ghana years ago and researched his story. glad to see him doing so well
Bolt is so so big here in Nigeria, it's a normal part of life here
Being able to accept cash as driver and then pay a percentage of your eanings back to Bolt is a deal breaker other competitors don't do. Nice job!
@o_m8717
Жыл бұрын
Uber now does that.
@murk959
10 ай бұрын
How do you pay a percentage of cash back
I love this! As a Bolt user from Kenya, I'm inspired.
Smart man with the proper vision 💪🏼 I use bolt all the time when I'm in Europe and barely using Uber anymore in USA - they simply became overpriced
I love it for its prices, but I hope they can improve their security.
The perfect case for Patrick Boyle´s last epidose lol!
I always thought bolt was owned by am African because it's so big there. Smart guy, congratulations 🎉
@yadday5153
Жыл бұрын
Thought it was an African company
@L4NTZEN
Жыл бұрын
They have a lot of peopel working in Africa, probably moire than in the rest of the world. So almost african :P
Nice
Incredible story
Bolt = Uber = FreeNow == Lyft => same thing 1. make a platform then grab the profit and use drivers as something to squeeze as hard as local regulation allow for it 2. don't bother with car maintenance or any responsibility of driver that works for you. 3. repeat End of story.
@GGTanguera
Жыл бұрын
Exactly 💯. Also Kareem in Dubai. Copy paste entrepreneurship.
@vellyjatt7824
Жыл бұрын
@@GGTanguera careem awuired by uber
@gigilafonte1621
Жыл бұрын
@@vellyjatt7824 Yes, it was acquired by Uber. It was built with the exit plan from day one. Built to sell.
Congratulations 🥰🥰🤩🤩
In my own experience, Bolt drivers are more readily available than Uber. From Nigeria.
Best transport option is private car. Bolt. Didi, Uber, Lyft are options when you don't have a car. The less regulated, the better
To be honest BOLT and UBER are basically the same just different names. I doubt any of them will win all market share. Bolt is also in Holland and they were aggressively underpricing their service to gain market share from Uber. Wonder if this is a longterm strategy than will pay off
I don’t see much difference between the two. The cars in Bolt are usually worse.
As a licenced taxi driver in Ireland I like the Uber app.
Never heard about this company
I would rather walk
So he copied Uber - check
Cute. But stay out of my private car. Bolt in your own lane
But Germany is always promoting Rainbows.
I hope they pay there drivers a decent wage unlike Uber.
Ja tebja naidu !!! Hotj v Tailande !!
Modern slavery with lower then minimal wages
I think their highest success in Africa is in Nigeria.
@fin-rb3yz
Жыл бұрын
I thought naija people had balls...wat a pity..
Bolt has no customer service which is not acceptable for a business regardless of size Drivers are mixed bag some semi criminals. So im not sure
Replacing private cars makes cities WORSE. Not better
They wish.
Bold it's way better then Uber.
I hate them both 😒 Like taxis 🚕 if they want to refuse your order they can without any consequences in Transylvania, the companies don't care about customer reviews or feedback so if you really want to get somewhere, heave a car or a friend with car ! Here we have another company like this two: free now is the name, with same problems 😢 Hope we get 🙏 France 🇫🇷 car sharing with small electric cars or better, subway, I'm tired of people taking the money 💰 without caring about their job 😒
Slishish !!! MARKUS ujobak zadneprivadnij !!! Budut Bolt taxi menja pasti I dalshe !!! Ja ili ne ja tebja naidu !!! Bez mozgov ostanishsa !!! Silhno pizhileesh !!!
Those Soviet tech bros are something else
@giacomu1
Жыл бұрын
good schools and teachers 1-12 grades, not like US, you need to get to college to be good at something, and get in debt for the rest of your life after graduating. Murica it's all about business.
@GGTanguera
Жыл бұрын
They always mention Finish education as best practice. They were also under Russians. To get similar education in the US you need to attend private schools and then top notch unis that cost fortune.
@Worldaffairslover
Жыл бұрын
@@GGTanguera they haven’t been with the Russians for 100 years☠️☠️
@Worldaffairslover
Жыл бұрын
@@GGTanguera there’s good public schools, if you live in a good area
@martniidassoo2720
Жыл бұрын
well Markus was born in independent Estonia so he's not a Soviet tech bro. I'd rather say North East European.
One of the worst ride hailing service I have used
@henrikmanitski1061
Жыл бұрын
I have had dozens of rides with Bolt, all very pleasant