How we helped BOLT launch an operational business in Nigeria and expand across Africa
In 2016, the ridesharing sector in Nigeria was growing and experiencing strong patronage, with various ridesharing apps but only one dominant player.
The growth had come with its own set of challenges, with regulators taking a keen interest in the sector and drivers resisting fare reductions through strikes and public protests. Amidst this context, TAXIFY (now Bolt) was exploring entry into the Nigerian market and reached out to Venia for support in navigating the terrain.
In November 2016, approximately 4 weeks after initial discussions with Venia, Taxify (Bolt) successfully launched their business and started operations in Nigeria.
Our launch pad partnership with Bolt was comprehensive touching all aspects of their business
Launch
Venia supported Bolt with a guided market entry, providing market insights on the e-hailing landscape and ensuring they were set up for long-term success. Services provided included:
- Assessment and recommendations on legal, financial and tax set-up
- Office and administrative services for start-up operations, including seconding staff for launch
- Outsourced service providers from our SME community for accounting, payment services, tax, HR, legal and other support services
- Perspective on the regulatory landscape and recommendations on Advisory Board
Operations & Expansion
Beyond launch, we supported BOLT in scaling operations and driving their African expansion
Operational support for screening and training drivers through our ILX training center
- Leveraged our network to setup car inspection outlets across the country
- Talent sourcing to aid expansion
- Co-creation of new products based on market intelligence
- On-going regulatory engagement
Impact
Control 60% market share and growing….
- Launched and began operations in Nigeria 4 weeks after initial discussions with Venia; becoming leading provider in less than 6 months.
- Now operate in 33 cities with 20,000+ drivers; and 5 additional countries in Africa (after South Africa and Nigeria)