BOLT SOUTH AFRICA CELEBRATES MAJOR MILESTONE AS FLEET PARTNER MYNEXTCAR SECURES $10 MILLION IN FUNDING
Johannesburg, South Africa, 10 June 2025 – Bolt South Africa announces a significant achievement in its journey to redefine urban mobility: Bolt’s key fleet partner, MyNextCar (MNC), has successfully closed its first funding round, raising $10 million from Emso Asset Management, with the support of Bolt, Assemble Capital, and E2 Investments.
This milestone marks a pivotal moment for both Bolt and MNC. The funding validates the early success of Bolt Lite low-cost ride-hailing category pilot, and paves the way for its rapid expansion. With this investment, MNC will scale operations, grow its vehicle fleet, and significantly enhance driver supply across South Africa, creating more earning opportunities and improving accessibility for riders.
While scaling Bolt Lite hasn’t been without its challenges, including pushback from traditional operators, this investment signals a turning point. The backing of a global institutional investor underscores the long-term viability and impact of this inclusive, cost-effective transport model.
To date, MNC has empowered over 700 drivers to generate income through the Bolt platform. Notably, 43% of these drivers are youth, and 4% are women, reflecting a shared commitment to addressing unemployment and promoting gender equity in the mobility sector.
Mr. Lerato Motsoeneng, Senior General Manager at Bolt South Africa said “This is more than just a funding round, it’s a vote of confidence in a model that is helping reshape South African transport by offering accessibility and affordability through the Bolt Lite category. We are excited for the road ahead as we work with MNC and our partners to build an inclusive, affordable, and sustainable mobility ecosystem.”
A spokesperson from MyNextCar (MNC) said “This funding isn’t just about adding cars, it’s about changing lives. At MyNextCar, we’re committed to creating opportunities that empower South Africans to drive their own success stories.”
Within the next year, MNC plans to roll out 1,500 vehicles across South Africa, a pivotal milestone in Bolt’s growth journey. This investment is a strong endorsement of the successful low-cost category pilot (Bolt Lite: Bajaj), and it brings critical capital to accelerate the scale-up of this offering. It also enables us to strengthen MNC’s operational footprint and significantly expand its overall vehicle supply across the country. Scaling its low-cost category has not been without its challenges, including violent opposition from local taxi operators and illegal vehicle impoundments, which in turn dampened lender confidence.
Despite these hurdles, this substantial capital injection from a reputable institutional investor, marks a major step forward for MNC’s mission in South Africa. In alignment with commitment to inclusive economic growth, Bolt and MyNextCar are proud to unlock further employment opportunities within South Africa. Through this partnership, Bolt and MyNextCar aim to enhance access to dignified work in the mobility sector, particularly for unemployed youth and women. By combining public sector support with private innovation, the initiative will help bridge financing gaps, expand skills development programs, and accelerate vehicle ownership pathways for aspiring drivers, laying the groundwork for a more equitable and resilient transportation economy.
