Global Trade

Bolt, an Uber competitor, raises $711 million at a valuation of over $8 billion.

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Bolt, an Estonian startup, announced on Tuesday that it has secured 628 million euros ($711.40 million) from a group of investors led by Sequoia Capital and Fidelity Management and Research Co, valuing the company at 7.4 billion euros ($8.38 billion).

Bolt, a competitor to Uber’s (UBER.N) ride-sharing and food-delivery firm, secured money in August at a valuation of more than 4 billion euros.

Electric scooter rentals, car-sharing, and a 15-minute food delivery service are among the company’s other services, which it provides to over 100 million clients in 45 countries and 400 cities across Europe and Africa.

“We’re rapidly increasing all five product lines, creating product R&D, and expanding into new cities,” stated Chief Executive Markus Villig.

While Uber is Bolt’s greatest competition in ride hailing, Just Eat (TKWY.AS) and DoorDash (DASH.N), which entered Europe through the $8 billion purchase of Wolt, are competitors in food delivery.

Platforms frequently provide discounts to attract clients, resulting in price wars in some areas.