Bangkok, December 23, 2024 – Estonia-based ride-hailing company Bolt has announced a substantial investment of 400 million baht to expand its operations in Thailand over the next two years. This strategic initiative aims to position Thailand as a pivotal market for Bolt’s growth in Southeast Asia.

Strategic Expansion Plans

Since its entry into the Thai market in 2020, Bolt has demonstrated significant growth. In the past year, the company expanded its service areas from three cities to thirteen and introduced a 15% commission fee for drivers, having previously not charged any fees. This expansion has resulted in a user base of 1 million, with 100,000 active daily users, primarily from the Gen Z demographic.

Looking ahead, Bolt plans to extend its services to up to 20 cities in 2025, aiming to become a leading player in Thailand’s ride-hailing market through both organic growth and strategic acquisitions. The company is also focusing on building greater brand awareness to attract a broader customer base.

Emphasis on Safety and User Experience

Bolt places a strong emphasis on safety features to enhance user confidence. Measures include criminal background checks and facial scans for drivers, in-app emergency assistance, and an audio recording feature during rides. These initiatives are designed to provide a secure and reliable service for passengers.

Market Position and Competition

Bolt’s aggressive expansion and competitive pricing, offering fares at least 20% lower than rivals, position the company as a formidable competitor in Thailand’s ride-hailing market. The planned investment underscores Bolt’s commitment to establishing a strong foothold and providing consumers with more choices in the rapidly evolving ride-hailing landscape.