The Estonia-based ride-hailing service provider, Taxify has decided to rebrand itself as Bolt. The company that is backed by Didi and Diamler has decided to use the name that it has been using for its electric scooter service for quite some time, according to a report by TechCrunch. The company is planning to provide multiple transport options to its customers and the change in name comes at a time when the company has started talks for its next round of funding.
The first round of funding that the company closed in May 2018 raised nearly $175 million and it was led by Diamler. The company has witnessed unhindered growth during this period and currently, the company has 25 million users in 30 countries spread across the globe.
Speaking about the rebranding exercise, CEO and co-founder Markus Villig said, “We are bullish that the future is fully electric and so we wanted a name that moved us away from the combustion engine.”
The rebranding exercise brings to fore the company’s aim going forward, which is to cater to all types of customers and not just car rides. The earlier name was a bit restrictive in nature and the new name ‘Bolt’ gives the company a whole new look. It also highlights the very fact that the company is planning to expand and bring other modes of transportation under its wings.
The company has been on an upward swing since its inception and in terms of revenues, it is only second to Uber in the European market.
It has not been all smooth sailing for the company. In 2017 Taxify went all out to launch its services in London, the biggest ride-hailing market in Europe, but it couldn’t get the regulator’s approval and in a hurry to launch its services it joined hands with a company that already had one. But as it turned out the company got shut in three days and since then (formerly Taxify and now Bolt) has been working patiently and diligently to get the regulator’s approval, which Villig believes it will get in a couple of months.
Bolt’s main aim is to make its presence felt in the Central and East European markets and Sweden seems to be the next country on the launch list. While Uber has been the first mover in the ride-sharing market, it remains to be seen whether Bolt can carve a niche for itself and challenge Uber’s domination.