Taking Bolt to the Streets of Stockholm

Stockholm street with cars

writer icon Vera P. Jensen     ISB   |   Business     🕐 12. Apr. 2019

The ridesharing application, previously known as Taxify, is starting up on the streets of Stockholm. Not only will Bolt be providing Uber-like taxi services, but electric scooters might be on the agenda as well.

This is not the first time that Bolt has looked at breaking into the Swedish market. Having previously chosen to bide their time and wait for a more opportune moment, they now feel like the market might finally be ready.

"We have acquired a lot of drivers [now] so I am not concerned about that part of the market, the challenge now lies in getting people to use our services," Nils Wijkmark also said about the Swedish expansion.

Wijkmark also explained that, at the time, the company decided to first focus on parts of Africa and on building a name for themselves in Eastern Europe.

Bolt and Taxify
Bolt was founded by brothers Martin and Markus Villig in 2013, but operated under the name Taxify until not long ago. It currently exists in 30 countries, mainly in Europe and Africa, and has more than 25 million users. According to recent estimates the company is valued at just under SEK 10 billion.

Ridesharing electric scooters
The taxi service also offers electric scooters in several of the countries that host the ride-sharing application and service. They do not rule out a similar set-up in Sweden in the future, but feel that the markets has to be ready first.

”I think that electric scooters are here to stay," Wijkmark adds, however also noting that "in a market as new [as Sweden's] there are a lot of aspects that need to be perfected for it to work well".

Bolt is launching in Stockholm first to test the waters. If all goes well, their vision is to roll out the service in more of the country's cities.

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