Tallinn-based Bolt, a transportation platform providing ride-hailing, micromobility, and food delivery services in Europe, announced on Friday that it has closed a debut €220M syndicated revolving credit facility (RCF).
Due to strong demand, the RCF was upsized during syndication and oversubscribed, says the company.
This RCF was obtained from 8 lenders: Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, JPMorgan, LHV Pank, and Luminor.
The company’s strong cash position is supplemented by a €220M facility from a syndicate of core relationship banks, further strengthening its liquidity profile.
Markus Villig, Founder & CEO says “Our inaugural revolving credit facility is an important milestone for Bolt, demonstrating the company’s strength and financial maturity. We have secured highly attractive terms due to our solid financial standing. It is a clear reflection of our banking partners’ confidence in our trajectory and provides us with additional flexibility as we work towards being IPO-ready.”
The announcement comes a few months after announcing the partnership with Barcelona-based smart electric vehicle charging and energy management provider Wallbox in August last year.
Citi acted as Co-ordinating Bookrunner and Mandated Lead Arranger.
White & Case acted as legal advisor to Bolt and Clifford Chance acted as legal advisor to the lenders. Wilmington Trust is acting as both a Facility and Security agent.
Bolt: Offering diverse on-demand options
Founded by Markus Villig, Martin Villig, and Oliver Leisalu, in 2014, Bolt (previously known as mTakso) is a global transportation app that offers on-demand services for various purposes, including taxis, shared vehicles, e-bikes, e-scooters, and food and grocery delivery.
With operations in over 45 countries and over 500 cities in Europe and Africa, Bolt has a user base of 150 million people.
The Bolt app offers low-cost rides, fast arrival times, transparent pricing, and in-app payments to enable seamless transactions using various payment methods, such as credit/debit cards or Apple Pay.
The mobility platform claims that all its rides in Europe are 100 per cent carbon-neutral as part of its Green Plan, a long-term commitment to reduce the ecological footprint of the company.
Last year, the company also introduced its new in-house scooter model Bolt 6, equipped with various sensors and microprocessors, data mining capabilities, and precision technologies, setting benchmarks for safety, sustainability, and user experience.
Currently, the company’s products include:
- Bolt Rides
- Bolt Scooters and E-bikes
- Bolt Food, delivers ready-made meals from restaurants
- Bolt Market, a grocery delivery service
- Bolt Drive, free-floating car-sharing service
- Bolt Business, a corporate mobility service
Read the orginal article: https://siliconcanals.com/news/startups/tallinn-bolt-secures-220m/
