In a significant development for the South African urban mobility landscape, Bolt South Africa's strategic fleet partner, MyNextCar (MNC), has successfully concluded its inaugural funding round, securing $10m.
Source: Bolt
The investment, led by Emso Asset Management with support from Bolt, Assemble Capital, and E2 Investments, marks a pivotal moment for both companies and underscores the validated potential of Bolt Lite's low-cost ride-hailing category.
This capital injection is set to accelerate MNC's operational scale, facilitate substantial vehicle fleet expansion, and significantly enhance driver supply across South Africa. The move is anticipated to not only create increased earning opportunities for drivers but also improve accessibility for riders nationwide, aligning with Bolt's broader strategy to redefine urban transportation solutions.
Overcoming industry challenges
While scaling Bolt Lite hasn’t been without its challenges, including pushback from traditional operators, this investment signals a turning point. The backing of a global institutional investor underscores the long-term viability and impact of this inclusive, cost-effective transport model.
To date, MNC has empowered over 700 drivers to generate income through the Bolt platform. Notably, 43% of these drivers are youth, and 4% are women, reflecting a shared commitment to addressing unemployment and promoting gender equity in the mobility sector.
Lerato Motsoeneng, senior general manager at Bolt South Africa, says: "This is more than just a funding round, it’s a vote of confidence in a model that is helping reshape South African transport by offering accessibility and affordability through the Bolt Lite category. We are excited for the road ahead as we work with MNC and our partners to build an inclusive, affordable, and sustainable mobility ecosystem."
A spokesperson from MyNextCar (MNC) adds: "This funding isn’t just about adding cars, it’s about changing lives. At MyNextCar, we’re committed to creating opportunities that empower South Africans to drive their own success stories."
Within the next year, MNC plans to roll out 1,500 vehicles across South Africa, a pivotal milestone in Bolt's growth trajectory. This investment strongly endorses the successful low-cost category pilot (Bolt Lite: Bajaj), providing critical capital to accelerate its scale-up.
Navigating obstacles in the transport sector
This also enables MNC to strengthen its operational footprint and significantly expand its overall vehicle supply nationwide. Scaling this low-cost category hasn't been without its challenges, including violent opposition from local taxi operators and illegal vehicle impoundments, which previously dampened lender confidence.
Despite these hurdles, this substantial capital injection from a reputable institutional investor marks a major step forward for MNC's mission in South Africa.
This funding also reinforces Bolt and MyNextCar's commitment to inclusive economic growth, aiming to unlock further employment opportunities across the country. Through this partnership, they're focused on enhancing access to dignified work in the mobility sector, especially for unemployed youth and women.
By effectively combining public sector support with private innovation, this initiative will help bridge financing gaps, expand essential skills development programs, and accelerate vehicle ownership pathways for aspiring drivers. This lays crucial groundwork for a more equitable and resilient transportation economy in South Africa.
