NAIROBI, Kenya, October 12 – Ride-hailing platform Bolt will invest Sh15.85 billion (€100 million) in Kenya to expand its presence across the country.
The planned capital injection will see the company enter more cities and town centers in Kenya.
Earlier this year, the Estonia-based company announced it would invest €500 million in its African operations over the next two years.
“Key milestones for our Bolt business in Kenya in 2024 include reaching 100 million yen in the market to further expand our footprint across the country by expanding our services to more city and town centres. This includes a euro investment plan,” Bolt said in a statement.
Bolt said he is in the midst of license renewal negotiations with the National Transportation Safety Administration (NTSA) and is currently negotiating with regulators.
“In response to ongoing discussions regarding license renewal, Bolt would like to reaffirm its commitment to the Kenyan market,” the company said.
“Complying with Kenyan regulations remains a top priority as it is fundamental to building a long-term sustainable business that positively contributes to all stakeholders within the ecosystem.” added.
“We remain open to collaborative dialogue with regulators, driver partners, and the broader public to ensure continued full regulatory compliance and expand revenue generation within our platform. .”
Bolt added that they have taken the time to work with the government as well as their driver partners to ensure the guidelines provided by the state are met.
“As such, Bolt currently has a valid license and is fully operational. As part of our ongoing annual license renewal process, we continue to work closely with regulators to achieve a fruitful outcome.” “We will continue to do so,” the company said.
