How This Estonian Startup Beat Uber At Its Own Game | Forbes
While the world’s leading ride-sharing business was blowing billions of dollars trying to buy global domination, Markus Villig was busy doing the opposite with Bolt. Working on a meager budget, he built a $8.4 billion operation – and an $700 million fortune — by focusing on overlooked markets in Africa and Europe.
Between 2015 and 2019, Villig white-knuckled Bolt from $730,000 in revenue to $142 million. He couldn’t afford big losses, so he operated the company close to break-even. Uber, by contrast, burned through $19.8 billion, almost $6.3 million a day, before going public in 2019.
Villig’s thrifty approach has paid off. The business now has more than 3 million drivers, operates in 45 countries and generated $570 million in 2021 revenue. As of its last fundraising round, in January 2022, the company was valued at $8.4 billion; startup values have since tumbled, and the 29-year-old Villig’s 17% stake is currently worth $700 million, Forbes estimates.
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