Estonia-based Bolt Technology is reportedly considering an initial public offering (IPO) as part of its future plans. The company, which offers ride-hailing, food delivery, and scooter rentals, is exploring options that could include going public in the U.S. or Europe as early as 2026. Bolt was valued at 7.4 billion euros in 2022 following a funding round and has raised additional funds to work towards being IPO-ready.
The news of Bolt’s potential IPO comes as the cost of rideshare services continues to increase, potentially leading to a decrease in demand. A recent report found that the median price for rideshare services has climbed in recent years due to inflationary pressures and higher operational costs. Companies like Bolt will need to focus on offering reduced fares to retain users, as 72% of consumers surveyed said they would cut back on or stop using rideshare services if prices rose further.
In contrast, Uber reported a 24% year-over-year growth in gross bookings for its Mobility segment, attributing the success to product innovation and the expansion of low-cost options. As Bolt considers its IPO and the future of the rideshare industry, it will have to navigate the challenges of rising costs and increasing competition to continue to attract and retain customers.
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