European Uber Rival Firm Reaches $4.8B Valuation Following Fundraise For Grocery-Delivery Service: Report

Uber Technologies Inc's UBER European rival, Bolt Technology OU, doubled its valuation to $4.8 billion (€4 billion) after raising money to finance a grocery-delivery service, aiming to capitalize on the pandemic recovery, Bloomberg reported.
Bolt, which boasts 75 million customers, raised €600 million from investors, including Sequoia Capital and Tekne Capital Management, to finance a 15-minute grocery delivery service called Bolt Market in 10 European countries few months.
Bolt operates in 45 countries in Europe and Africa. It is likely to launch the grocery delivery service in the Baltics, Central Europe, Sweden, Portugal, Croatia, and Romania.
Bolt aims for affordable and pollution-free urban travel via on-demand transport.
The budding grocery delivery business witnessed the debut of multiple players amid the pandemic, fighting for market share in major European cities, Forbes reports.
Meanwhile, food delivery firms like Deliveroo PLC DROOF remain highly competitive, and Bolt continues to compete with Uber in the ride-hailing space.
Investors valued Turkey's Getir at $7.5 billion in June, CNBC reports.
Price action: UBER shares closed higher by 0.06% at $43.49 in the market session on the last check Monday.