TALLINN (Reuters) – Estonia’s Bolt, is one of the popular ride-sharing service in the Eastern Europe and in Africa, on Wednesday launched a food delivery service that is in the old town of Tallinn, the capital city of the country, and said it plans to roll-out Bout of Food this year in South Africa, Latvia, and Lithuania as well.
FILE PHOTO: A Bolt (formerly known as the Taxify sign is seen on a taxi car in Riga, Latvia, April 9, 2019. REUTERS/Ints Kalnins/File Photo
Bolt that up to the beginning of the year, it was called Taxify has picked up business from Uber, mostly in major African cities, and in Eastern Europe. It now operates in 30 countries.
Bolt was a late entrant into the food delivery market, where there are a number of start-ups, and other ride-sharing companies have been around for years. There are also plans to grab market share with lower prices for the consumer, and a better cut of the supply of the workforce, while building a broad consumer base.
“This is a very competitive market,” Jevgeni Kabanov, the chief product officer at Bolt, told Reuters in an interview. “However, we have more than 25 million people all over the world with the help of the Screw, and the food supply has been a popular request for quite some time now.”
Bolt and re-branded earlier in 2019 at the latest, to ensure that the journey from service in the war with small programs, and it is represented by the expansion of supply has been set up with scooter rentals in london.
“I would have to say the food supply is the third major release for us to use. It fits in very well with our strategy,” Kabanov said.
In the first half of the year 2019 at the latest, Uber said its return on the Uber Eats has nearly doubled from a year earlier to $1.1 billion. However, the industry has proven to be a challenge for a number of start-ups, investment has fallen from a peak in the year 2015.
Venture capitalists are generally retired from the field in the midst of the concern about excessive competition and high valuations for companies that are generally not cost-effective.
In the last stages of the Bout of Food as the main rival will be the Helsinki-based food and delivery service, Wolt, who has raised $160 million since the beginning of the end of 2018.
Bolt, which was established in 2013, which has raised more than $200 million from investors, including Daimler ag and China’s Didi Chuxing Technology Co., among others.
Reporting by Tarmo Virki; Editing by Dan Grebler