Uber Peer Bolt Launches Car-Sharing Project In Tallinn: Bloomberg

Uber Technologies Inc UBER ride-hailing peer, Bolt Technology OU, will initially launch a car-sharing project, Bolt Drive, in the Estonian capital, Tallinn, at steeply lower prices compared to the competition, Bloomberg reports.
It will follow by subsequent expansion to other cities akin to its food delivery service.
Bolt operates in roughly 40 countries in Europe and Africa. The company is the pioneer mobility platform in Europe to offer car-sharing, ride-hailing, and micro-mobility with scooters and electric bikes in one app.
The initiative will let customers unlock cars with the app. The company estimates the initiative to influence various drivers to renounce car ownership.
Bolt is presently valued at $2 billion after March’s $20 million fundraising round from the World Bank.
Bolt’s previous backers include Daimler AG DMLRY DDAIF and China’s Didi Chuxing Inc. The company may raise funds over the next one and a half years, subject to expansion plans and investor negotiations.