Bolt was founded by Markus Villig (CEO), Martin Villig, and Oliver Leisalu. Significant institutional investors in the company include Didi Chuxing, Daimler Mobility Services and Naya Capital.                                                   

IFC is considering an equity investment of up to €20 million in Bolt to support the Company’s further growth within Sub-Saharan Africa (“SSA”) and Central & Eastern Europe (“CEE”).               

Bolt is headquartered in Estonia but operates globally, with a focus on SSA and CEE.                                                    

IFC has assessed the Management team, Board structure, company policies and processes on various governance matters and has assessed the governance risks as moderate. Bolt has a dedicated legal and regulatory team that oversees the company’s compliance with globally accepted governance standards as well as existing and emerging regulatory matters in all the markets it operates in.          

 This is a Category B project, according to IFC’s Environmental and Social Sustainability Policy. Based on information reviewed during the appraisal, it is expected to have limited adverse environmental and social risks and impacts, short-term and site-specific, and can be avoided or mitigated by adhering to recognized performance standards, procedures, guidelines and design criteria as described in the following sections.

The e-platform sector is fast evolving and interpretation of applicability of contractual and legal frameworks, especially in relation to treatment of gig-economy workers, contract drivers and other service providers, is also evolving. The key E&S issues reviewed at appraisal are related to availability of an overarching system and management approach for identifying, managing, and monitoring E&S risks and performance; adequacy of the human resource policies and procedures for employees and management of the company’s partnership with the independently contracted drivers using the service platform; safety and security to both driver and customers, including management of gender-based violence risks; and response to road side emergencies.