Voi CEO Open to Acquiring Bolt's Micromobility Business

Voi Explores Acquisition Opportunities, Eyes Bolt

Voi, a prominent shared micromobility company, is actively seeking potential acquisitions. CEO Fredrik Hjelm has publicly expressed interest in Bolt, a leading European mobility super-app recognized primarily for its ride-hailing services.

Bolt's Micromobility Business

Despite speculation regarding a possible purchase of Bolt’s scooter and bicycle division, the company itself has not indicated any intention to sell. When contacted for comment, Bolt remained silent on the matter.

Strategic Considerations

Hjelm articulated that while Bolt is a commendable organization, its core business remains ride-hailing. He emphasized that success necessitates excelling in multiple sectors.

Bolt currently provides services beyond ride-hailing, including grocery and food delivery, alongside car rentals. However, Hjelm believes that mastering these diverse areas presents a significant challenge.

The Unique Challenges of Micromobility

“Micromobility presents unique difficulties, particularly concerning the hardware component,” Hjelm stated during a Micromobility Industries roundtable in Brussels. He was joined by Michael Washinushi, co-CEO of Bird, and Henri Moissinac, CEO of Dott/Tier.

He further explained that, unlike food delivery or ride-hailing, micromobility lacks a strong network effect.

User Preferences in Micromobility

Hjelm observed that the majority of individuals utilizing dockless e-scooters or e-bikes are local residents who prioritize a positive user experience and affordable pricing over the convenience of a “super app” like Bolt.

Even when presented with the argument that brand recognition can drive usage and reduce the need for additional app downloads, Hjelm maintained his position, asserting that brand awareness alone cannot compensate for a subpar user experience.

Industry Perspectives on Bolt

While concrete data comparing user experiences remains unavailable, other panelists echoed similar sentiments regarding Bolt. The discussion turned critical of Bolt’s approach to the micromobility market.

Michael Washinushi of Bird characterized Bolt’s pricing strategy as a “loss leader,” suggesting the company leverages revenue from other ventures to subsidize its micromobility operations.

“They discount prices to attract users,” Washinushi explained, “and appear to make limited investment in optimizing micromobility operations.”

Operational Efficiency and Data Utilization

Washinushi highlighted the importance of data-driven vehicle rebalancing, a practice employed by Bird, Dott, and Voi.

“Instead of deploying a large number of vehicles and hoping for ridership, strategic placement of a smaller fleet at optimal locations and times can maximize both rides and revenue,” he noted. “This approach has been pivotal in the evolution of the business over the past few years, fostering a self-sustaining model.”

Financial Performance

In 2024, Bird reported adjusted EBITDA profitability of $19 million, a notable achievement considering its recent delisting from the stock market and prior bankruptcy filing.

Voi also achieved profitability in the previous year, with adjusted EBITDA reaching $17.9 million.

Bolt has not publicly disclosed financial details for its micromobility division. While the company announced $2.11 billion in annual revenue across all business units in November 2024, it did not report its losses. Reports indicate Bolt generated approximately $2 billion in revenue in 2023, incurring an operating loss of $108 million.