Ride-hailing and micro-mobility company Bolt is gearing up to go public with a view to profitability next year.
Valued at more than $8.4 billion, Bolt operates a variety of businesses, including taxi hailing, electric scooter rentals and food delivery.
The company said it expects to reach profitability within the next 12 months while it has over 150 million customers and prepares to go public with an initial public offering.
To lead that effort, the company has appointed Mikko Sarovara, formerly CFO of European fintech giant Revolute, as its new chief financial officer.
“In an industry notoriously difficult to operate profitably, Bolt stands out from the crowd,” said Sarovara.
“The culture of maximizing operational efficiency instilled by Marcus [Villig, CEO] The performance of a decade ago continues to guide the business today, and Bolt is well-positioned to achieve and sustain long-term profitability. We look forward to joining you in the next phase of Bolt’s journey as it prepares for its IPO. “
Bolt and its competitors have faced some headwinds in the last year due to the broader tech sector downturn. Public markets have also taken a hit, with many companies looking to IPO taking a wait-and-see approach. Bolt is expected to go public on the stock exchange in 2025, depending on economic conditions.
The company did not disclose sales figures, but said 2022 will see “significant improvement in profitability year-on-year.” The company has operations in 45 countries, mostly in Europe, with a growing presence in Africa.
“This extraordinary scale will allow us to reach profitability in the next 12 months,” said Bolt CEO Markus Willig.
“Having Mikko’s expertise on board at this critical time for our business will be invaluable as we continue to focus on long-term sustainable growth and begin preparations for our IPO.”
Bolt has raised more than $2 billion in funding, with backers including Sequoia Capital and Fidelity. Founded 10 years ago, Bolt started as a ride-hailing app before expanding into food delivery, car-sharing, and e-scooter and e-bike rentals, the latter being the company’s main focus. . Last month, the company unveiled the latest version of its electric scooter.
follow me twitter.