Voi is eyeing Bolt for acquisition, but Bolt’s micromobility arm might not be on sale. CEO Fredrik Hjelm says Bolt is mainly a ride-hailing giant, juggling grocery, food delivery, and car rentals — but struggling to nail multiple verticals.
Onstage at the Micromobility Industries roundtable in Brussels, Hjelm called out Bolt’s challenge:
“Bolt is a great company, but they are mainly a ride-hailing company.”
“Micromobility is very difficult, and it has the hardware aspect, but no network effect like how food delivery and ride-hailing [can lead to] grocery delivery, as well.”
“Most people who pick up a dockless e-scooter or e-bike are locals who prioritize experience and affordability rather than the ability to use a ‘super app’ like Bolt.”
Hjelm doubts brand pull alone can offset a worse user experience.
Bird co-CEO Michael Washinushi took a jab too, accusing Bolt of using pricing as a loss leader to gain installs, unlike Bird, Voi, and Dott, which invest in data-driven vehicle rebalancing.
“Bolt uses price as a loss leader,” Washinushi said. “They discount the price, and that’s how they acquire installs.”
“You can dump thousands of vehicles and hope people get rides, or you can… place half those vehicles at the right place and right time to optimize the rides and optimize the price.”
Bird hit $19 million adjusted EBITDA profitability in 2024. Voi crossed the profitability line with $17.9 million adjusted EBITDA last year. Bolt hasn’t revealed micromobility profits or losses. Its overall 2023 revenue hit about $2 billion but showed an operating loss of $108 million, per local reports.
TechCrunch asked Hjelm if acquisition talks are underway. He responded:
“I’m at the Swedish House Mafia reunion and will think about Bolt tomorrow.”
We’ll update if Hjelm has more to say.
