Estonian ride-hailing company Bolt launches in the UK
The Estonia-based ride-hailing business, Bolt, has launched its operations in the UK.
The company, which was founded in 2013 and was formerly known as Taxify, has entered the UK market with 20,000 registered drivers.
The firm, which currently operates in 30 markets, takes a 15% commission from its drivers per ride, CNBC reported.
Bolt’s drivers earn on average 10% more than other competitors in the industry.
“We see this as quite a monumental thing for both the company and the ride-hailing industry as a whole,” stated Markus Villig, Chief Executive Officer of Bolt, according to CNBC.
“London is one of the biggest, most profitable markets for Uber globally and one where it didn’t have a serious competitor.”
“We focus on markets where Uber used to have a monopoly and then we come in with a much better offering for drivers.”
The Indian firm, Ola, has also revealed plans to launch its operations in the UK by the end of the year.
There were approximately 87,900 private hire vehicles licensed in London as of March 2018, according to statistic from the Department for Transport.
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