Voi CEO Open to Acquiring Bolt’s Micromobility Business

Fredrik Hjelm, CEO of shared micromobility startup Voi, has expressed interest in acquiring Bolt’s micromobility business. Bolt, a European mobility super-app known for ride-hailing, may be a potential target for Voi as it looks to expand its market presence.

Despite speculation about Voi’s potential acquisition of Bolt’s scooter and bike division, Bolt has declined to comment on the matter. The suggestion of a buyout highlights the ongoing consolidation and competition within the micromobility sector.

Speaking at the Micromobility Industries roundtable in Brussels, Hjelm noted that Bolt’s primary focus is ride-hailing, which could present challenges in effectively managing its micromobility operations. He emphasized the difficulty of excelling across multiple verticals, including ride-hailing, grocery and food delivery, and car rentals.

Hjelm argued that micromobility requires specialized attention due to its hardware component and the absence of a network effect similar to that found in food delivery and ride-hailing services. He believes that local users prioritize experience and affordability over the convenience of a super app like Bolt.

Bird co-CEO Michael Washinushi echoed Hjelm’s sentiments, suggesting that Bolt uses price discounts to attract users rather than investing in robust micromobility operations. Washinushi highlighted the importance of data-driven vehicle rebalancing for optimizing rides and pricing, which he sees as crucial for a self-sustaining micromobility business.

Washinushi stated that, “Bolt uses price as a loss leader,” referring to Bolt’s ability to rely on revenue from its other operations to grow its micromobility business at a loss. “They discount the price, and that’s how they acquire installs. My sense is they don’t make a huge investment in…really good operations in micromobility.”

In 2024, Bird reported $19 million in adjusted EBITDA profitability, a significant achievement after its delisting from the stock market and bankruptcy filing two years prior. Voi also achieved its first profitable year with an adjusted EBITDA of $17.9 million.

Bolt reported $2.11 billion in annual revenue across its business units in November 2024 but did not disclose specific financial figures for its micromobility segment. Local reports indicate that Bolt recorded revenue of approximately $2 billion in 2023 with an operating loss of $108 million [Source: ERR News].

When asked about his interest in acquiring Bolt and potential discussions with the company, Hjelm responded, “I’m at the Swedish House Mafia reunion and will think about Bolt tomorrow.”