STOCKHOLM/LISBON : Bolt, a rival of Uber's ride-sharing and food delivery business, plans to focus on Europe and Africa for now, Chief Executive Markus Villig said in an interview, brushing aside the prospect of any possible expansion in the United States.
"There's been a fundamental shift in how investors and tech companies see the world," Villig, Bolt's 27-year-old co-founder, said."It's very clear that you can build a huge company, hundreds of billions of valuation, without ever going to the U.S." Africa has been one of its main targets for expansion as a lack of transport infrastructure and a growing population make it a lucrative market for car sharing. Its potential has also attracted other tech companies https://www.reuters.com/world/africa/music-streamers-turn-telcos-make-africa-pay-2021-10-12.
Bolt might seek partnerships in future that could allow a user to order using the Bolt app in countries where it does not operate, Villig said, without providing further details.
Source: News Formal (newsformal.com)
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