MyNextCar (MNC), a leading fleet provider for Bolt in South Africa, has recently secured $10 million in its first institutional funding round. This significant capital injection has the potential to revolutionize the country’s affordable ride-hailing market.
The funding round was spearheaded by Emso Asset Management, a London-based investment firm, with additional support from Bolt, Assemble Capital, and E2 Investments. With this financial backing, MNC plans to expand its operations and introduce 1,500 new vehicles under the Bolt Lite category. Bolt Lite is a budget-friendly option powered by the compact Bajaj Qute, aimed at providing cost-effective transportation solutions to consumers.
This strategic move by Bolt and its partners underscores their commitment to delivering affordability, accessibility, and local relevance in South Africa’s mobility sector. Despite facing challenges such as resistance from traditional taxi operators and unlawful vehicle impoundments, the success of Bolt Lite in pilot programs has demonstrated its potential to transform the transportation landscape.
The latest funding round reflects a renewed confidence in MNC’s ability to overcome obstacles and realize a new vision for urban transport in South Africa. To date, MNC has facilitated opportunities for over 700 drivers to earn income through Bolt’s platform, with a deliberate focus on empowering youth and women. By promoting asset-light vehicle access, Bolt and MNC aim to combat youth unemployment and drive financial inclusion in the region.
Emso’s involvement in the funding round signals its interest in Africa’s mobility-fintech space, building on its previous investment in Moove, a vehicle financing startup for ride-hailing drivers. Similarly, E2 Investments’ participation aligns with its mission to support impact-driven ventures that create employment opportunities in underserved communities.
By investing in a model centered on small vehicles, efficient operations, and broad accessibility, these financial backers are assisting Bolt in solidifying its position in South Africa’s cost-sensitive transport market. As the competitive landscape evolves and regulatory challenges persist, MNC’s next chapter will determine whether scale, social impact, and profitability can harmoniously coexist in the dynamic ride-hailing ecosystem of South Africa.
