Bolt the on demand ride hailing app has raised an investment round amounting to Ksh 11 billion from Naya Capital Management to boost its growth and development strategy.

According to the firm, the funds are expected to go into upgrading product segments to include micro mobility services and food delivery in Europe and Africa. These will include investments into scooters, bikes and delivery services across its markets as the company continues to offer affordable and reliable on-demand transportation to millions of customers.

The growth strategy is focused on creating innovative services that will enhance urban mobility, safety and reliability in the on-demand transportation industry while providing viable economic opportunities across the world.

The company currently operates its ride-hailing services in more than 150 cities across Europe and Africa. Of late, Bolt has accelerated the expansion of its Bolt Food delivery service to cover 12 countries and launched Business Delivery, a service to aid vendors in need of a distribution partner and offer same-day delivery.

The investment from Naya Capital Management now brings the total investment amount that has been raised by Bolt to over €300m since inception.

Markus Villig, CEO and co-founder, Bolt, had this to say, We are happy to be backed by investors that look past the typical Silicon Valley hype and support our long term view. I am more confident than ever that our efficiency and localization are a fundamental advantage in the on-demand industry. These enable us to continue offering affordable transportation to millions of customers and the best earnings for our partners during the post-COVD world.”