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(Bloomberg) — Bolt Technology OU agreed a deal with China’s Dongfeng Motor Group Co. to roll out an electric-vehicle fleet in South Africa that Yugo Rides will manage.
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The Sequoia Capital-backed ride-hailing firm already holds more than 50% of the market in Africa’s biggest economy after spending about $180 million to build out the business, said Simo Kalajdzic, the manager of local operations.
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The expansion by the Tallinn, Estonia-based company that competes with Uber Technologies Inc. adds to a broader growth push as it considers options that may include an initial public offering.
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“With the investment we are making, and the platform we are building, South Africa remains a strong strategic priority for us,” Kalajdzic said. In terms of global IPO plans, the company “will consider options, when market conditions are right,” he added.
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Bolt — which offers ride-hailing, food delivery and scooter rentals — earned a €7.4 billion valuation in a 2022 funding round after raising €628 million from Sequoia Capital, Fidelity Management and other investors. It has expanded into more than 50 countries and 850 cities globally, primarily operating across Europe, Africa, western Asia, and select markets in Latin America.
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The company recently also moved into East Asia by offering its services in Taiwan. Still, South Africa remains a key market for Bolt, said Kalajdzic, and consistently features in the company’s top 10 markets.
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Bolt entered Canada using the Hopp brand in early 2025 and also launched scooters in Washington.
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The platform will offer customers access to Dongfeng’s Box hatchback model and a more premium option through its 007 starting in Cape Town, Kalajdzic said.
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“We are taking a phased approach to launching this fleet as we consider the current infrastructure limitations, including the need for enough charging stations,” he said.
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With the Iran war raising fuel prices, electric vehicles offer a cheaper charge and form part of Bolt’s strategy to improve driver earnings, he said.
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