In the Estonian capital, Bolt Technology OU, who competes with Uber Technologies Inc in both Europe and Africa will be rolling out a new car-sharing project according to Markus Villig, the founder and CEO.
He said that if the pilot program in Tallinn is successful then Bolt will be expanding it to other cities, just like they did with their food delivery service that operates in . At the initial stage, they will lease 500 cars.
Over the past decade, car-sharing has gained popularity with most major cities having peer to peer services or vehicle fleets linked to a digital application. This growing market is thought to disrupt the traditional car rental business and will change our attitudes towards car ownership.
Bolt operates in 40 countries across Europe and Africa. They say that they will be the first mobility platform in Europe that will offer micro-mobility, car-sharing and ride-hailing on one app.
With Bolt Drive, you will be able to unlock cars with the app and the company believe that this may even prompt some drivers to give up car ownership.
Villig said that they will be coming to market with lower prices than anyone else, which means that it will make sense to customers to swap over for a car.
Bolt is now valued at $2 billion after a $20 million fundraising round from the World Bank in March.According to Villig, extra funds may be raised over the next several months subject to expansion plans and negotiations with investors.