Popular ride-hailing company from Estonia, Taxify, is rebranding its name to Bolt. The company is doing so as it expands the services it provides beyond private cars only. Bolt is the same name the company has been using for its new electric scooter service.
Right now, Taxify is actively operating in 30 countries around the world, including Ghana.
According to TechCrunch, Taxify shifting its name comes at a time when the company is making plans to secure another round of funding. Last year, Bolt raised a $175 million round at a $1 billion valuation which was led by Daimler, a motor company.
Mark Villig, CEO and co-founder, has confirmed that the next fundraising round will come with a higher price tag. Villig said this because the company has grown from 10 million users in 25 countries back then to 25 million users in 30 countries. Taxify (or now Bolt) is active in countries across Africa, Europe and other territories.
Meaning of the new name, Bolt
According to Taxify’s CEO, Mark Villig, the rebranding from Taxify to Bolt has a few purposes. Asked about the meaning of Taxify’s new name, Bolt, the CEO said the new name implies speed, as well as electricity. He said, “We are bullish that the future is fully electric and so we wanted a name that moved us away from the combustion engine”.
By this, the CEO was hinting on electric cars as the future of vehicles.
Also, the company’s bigger plan is underscored by the new name. Cars may make the majority of Bolt’s services but the company has plans to add more scooters. It also plans to incorporate other transport modes and soon add public transportations to the service.
In the European ride-hailing market, as Villig describes, Bolt is the number two only to Uber, in terms of revenues and rides.
So from now onwards, if you order for Taxify car and see a Bolt brand instead, don’t get alarmed, it is the same company.