The world of shared micromobility is evolving rapidly, and Voi, a prominent player in this sector, is actively exploring potential acquisitions. At the forefront of this initiative is CEO Fredrik Hjelm, who has expressed interest in acquiring the micromobility segment of a well-known European mobility platform.
While discussions about Voi potentially acquiring Bolt’s scooter and bike operations have surfaced, it remains unclear if Bolt is willing to sell this part of its business. Bolt has not provided any comments regarding these speculations when approached for clarification.
During a recent roundtable event hosted by Micromobility Industries in Brussels, Hjelm acknowledged Bolt’s strengths but pointed out that the company primarily focuses on ride-hailing services. He shared insights on the challenges Bolt faces in diversifying its offerings, which also include grocery and food delivery, as well as car rentals.
Hjelm emphasized that the micromobility sector presents unique challenges, particularly due to its hardware requirements and the absence of network effects that benefit other services like food delivery and ride-hailing. He noted that users of dockless e-scooters and e-bikes tend to prioritize local experience and affordability over the convenience of using a multi-functional app.
When discussing brand recognition, Hjelm maintained that simply being a recognizable name is insufficient if it compromises user experience. He believes that a superior user experience is crucial for attracting and retaining customers in the micromobility space.
At the same event, other industry leaders echoed Hjelm’s sentiments. Bird’s co-CEO pointed out that Bolt often employs aggressive pricing strategies to gain market share, leveraging profits from its other business lines to subsidize its micromobility operations. This approach raises questions about the sustainability of Bolt’s micromobility strategy.
In contrast, companies like Bird, Dott, and Voi utilize data-driven strategies to optimize vehicle distribution and enhance operational efficiency. This method not only improves ride availability but also contributes to a more sustainable business model.
Bird recently reported achieving significant profitability, a remarkable turnaround for a company that faced significant challenges in the past. Voi also celebrated its first profitable year, showcasing the potential for growth in the micromobility sector.
While Bolt has not disclosed specific financial details regarding its micromobility operations, it has reported substantial annual revenue across its various business units. However, the lack of transparency regarding losses raises questions about the viability of its micromobility strategy.
As the conversation around potential acquisitions continues, Hjelm remains focused on the future. When asked about his interest in Bolt and any ongoing discussions, he humorously noted that he would consider the matter further after attending a music event.
As developments unfold, the industry will be watching closely to see how Voi’s ambitions and Bolt’s strategic decisions shape the future of micromobility.