Estonian Startup BOLT Outperforms Uber
Estonian ride-sharing startup Bolt, founded by Markus Villig, has built an $8.4 billion operation and a $700 million fortune by focusing on overlooked markets in Africa and Europe. With just $2 million in funding, Bolt began targeting countries like Poland, where there was little or no competition, and eventually expanded to 45 countries. Villig's thrifty approach has paid off, and the business now has more than 3 million drivers and generated $570 million in 2021 revenue. Bolt's revenue from African countries including South Africa, Nigeria, and Ghana now accounts for a third of its business.