Voi’s Strategic Pursuit of Bolt Amidst Micromobility Market Dynamics
Assessing Expansion Through Acquisitions in European Shared Mobility
As a leading force in teh shared micromobility arena, Voi is actively exploring acquisition opportunities to broaden its market presence. One of its prime targets is Bolt, a prominent European mobility super-app widely recognized for its ride-hailing services.
Despite widespread industry speculation about Voi perhaps acquiring Bolt’s scooter and bike operations, no official statements have been released by Bolt confirming any intention to divest its micromobility assets.
The multifaceted Challenges Facing Super-Apps and Micromobility Providers
At a recent Brussels industry forum featuring executives from Bird and Dott/Tier, Voi’s CEO Fredrik Hjelm highlighted the complexities companies like Bolt encounter. While excelling as a ride-hailing platform, managing diverse service lines such as grocery delivery, food logistics, car rentals, alongside micromobility proves operationally demanding.
“Successfully juggling multiple verticals requires exceptional operational expertise,” Hjelm noted. He further explained that micromobility stands apart due to its reliance on physical hardware management-a challenge not mitigated by network effects that benefit sectors like food or ride deliveries.
User Behavior and brand Impact in Dockless micromobility Services
Hjelm pointed out that most users of dockless e-scooters or e-bikes are local commuters who prioritize cost-effectiveness and ease of use over allegiance to specific brands or app ecosystems. Even when riders recognize established platforms such as Bolt’s super-app brand, this familiarity does not necessarily translate into sustained user engagement if the overall experience falls short.
Divergent Operational Strategies: Data Optimization Versus Discount-Driven Growth
Bird co-CEO Michael Washinushi critiqued Bolt’s approach by suggesting it relies heavily on discounting rides as a loss leader strategy rather then focusing on refining operational efficiency within micromobility services. In contrast, Bird along with competitors Dott and Voi utilize advanced data analytics to strategically deploy vehicles where demand peaks for optimal utilization.
“Scattering thousands of vehicles without precision is less effective than concentrating fewer units exactly where users need them most,” Washinushi explained. “This targeted deployment has enabled us to build a more sustainable business model capable of profitability.”
The Industry’s Shift Toward Profitability Through efficiency Gains
This focus on data-driven operations has produced measurable financial improvements: Bird reported an adjusted EBITDA profit of $19 million in 2024 after emerging from bankruptcy just two years earlier. Similarly, Voi recently celebrated achieving profitability with an adjusted EBITDA near $17.9 million-milestones reflecting growing maturity across shared mobility markets worldwide.
Bolt’s Financial Transparency Remains Limited Amidst Expansion Pressures
Bolt announced total revenues reaching €2.11 billion (approximately $2.25 billion) across all business segments by late 2024 but withheld detailed disclosures regarding the financial performance or profitability specifically tied to thier micromobility division.
Industry insiders estimate that while generating close to $2 billion revenue during 2023 alone, Bolt faced operating losses around $108 million-underscoring ongoing difficulties balancing rapid growth ambitions against sustainable margins within fiercely competitive urban transport sectors.
The Future Outlook: Potential Collaborations and Strategic Moves Ahead
When asked about possible acquisition plans involving Bolt or direct discussions with their leadership team on this topic, Hjelm responded playfully without revealing concrete intentions:
“I’m currently at the Swedish House Mafia reunion; I’ll give some thought about Bolt tomorrow.”
This ambiguous answer leaves open questions regarding future consolidation trends within Europe’s evolving shared mobility landscape as companies strive for scale advantages amid increasing pressure on unit economics globally.
