According to the founder, Bolt's digital taxi-hailing company intends to refrain from raising money from outside investors this year.

PHOTO | COURTESY Bolt Taxi company founder Markus Villig

According to Bolt's founder Markus Villig, the business will spend less instead.

The Estonian company only raised Sh89.4 billion ($709 million) from foreign investors last year.

Fidelity Management, Research Company LLC, and Sequoia led the round.

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PHOTO | COURTESY Bolt plans not raise funds this year

"Bolt has always been a thrifty company, so we aim to keep our costs minimal and, if anything, keep our costs down to keep the prices low for drivers and customers. "But essentially, we do not need to," Villig said.

But no, he continued, "we aren't seeing that we need to raise any additional money this year".

By providing low costs to passengers and fewer commissions to drivers since its founding in 2014, Bolt has become one of the leading companies in the mobility sector.

Last week, the firm disclosed that it would spend Sh66.9 billion (€500 million) on operations in Kenya and the rest of Africa over the next two years.

Almost 300,000 additional drivers and couriers will have jobs in Africa thanks to Bolt services' expansion in 2023.

Villig stated, "During the past seven years, we have developed a solid team of 500 individuals in Africa, and we continue to be committed to investing in local communities for the long term."

"We will continue to expand our footprint in Africa through this new investment, which has huge potential to create new jobs and income possibilities for drivers and couriers," the statement reads. "when many countries are struggling with economic issues."

Bolt faces stiff competition from other taxi bodies across and around Nairobi. Amongst them is the newly launched Showfa, a commission-free app for Nairobi cab drivers that goes up against companies like Uber, Bolt, and inDriver.

PHOTO | COURTESY Bolt Taxi company founder Markus Villig says that drivers and riders will not pay commission this year

The company thinks that its services are distinct from its competitors since it does not charge drivers commissions—something about which operators have previously complained.

The software also provides reasonable prices for both ambulance and passenger services.

According to the company, many drivers need help to make ends meet in light of the present economic climate.

So, drivers won't be charged a commission on their earnings, the notification said in part. It will also enable them to increase their income and replenish their bank accounts.