Bolt Sizes Up IPO With New Finance Chief In Its Ranks

Bolt, the ride-hailing and micromobility company, is preparing the ground for a public listing as it eyes profitability in the next year.

Bolt, which is valued at over $8.4 billion, operates several verticals across its business, including taxi hailing, e-scooter rentals and food delivery.

The company said it has surpassed 150 million customers and expects to reach profitability within the next 12 months while it is preparing to take the company public through an initial public offering.

To lead that effort, the company has appointed a new chief financial officer in Mikko Salovaara, previously the CFO of European fintech giant Revolut.

“In an industry where it is notoriously hard to operate profitably, Bolt stands head and shoulders above its competitors,” Salovaara said.

“The culture of maximizing operational efficiency which was instilled by Markus [Villig, CEO] ten years ago continues to guide the business today and has left Bolt well-positioned to reach and maintain long term profitability. I look forward to being part of this next stage in Bolt’s journey as the business prepares for IPO.”

Bolt and its competitors have faced several headwinds in the last year with a downturn in the broader tech sector. The public markets have also taken a hit with many would-be IPOs playing wait and see. Bolt is expected to list publicly on a stock exchange in 2025, economic environment depending.

The company did not disclose any revenue figures but said it made “significant year-on-year profitability gains” in 2022. It operates in 45 countries, mostly in Europe with a growing footprint in Africa.

Markus Villig, chief executive of Bolt, said that this “extraordinary scale will allow us to reach profitability over the next 12 months.”

“Bringing Mikko’s expertise on board at this crucial time for the business will be invaluable as we continue our focus on long-term and sustainable growth, and begin our preparations for IPO.”

Bolt has raised over $2 billion in funding and counts Sequoia Capital and Fidelity among its backers. Founded 10 years ago, Bolt began life as a ride-hailing app before expanding into food delivery, car-sharing and e-scooter and e-bike rentals, the latter being a particular focus for the company. Last month it announced the latest edition of its e-scooter.