Voi CEO Frederik Hjelm has indicated interest in acquiring the micromobility division of ride-hailing giant Bolt, as his company eyes potential strategic purchases in an evolving industry landscape. Speaking at the Micromobility Industries roundtable in Brussels, Hjelm stated that although Bolt’s scooter and bike-sharing operations aren’t officially on the market, he sees a viable path toward eventual acquisition.
Bolt, recognized primarily as a ride-hailing and multi-service mobility platform, currently operates multiple verticals including grocery delivery, food delivery, and car rentals, alongside its micromobility business. Hjelm argued that the diverse nature of Bolt’s operations creates difficulties in excelling in each vertical, particularly micromobility.
Hjelm explained that micromobility requires specialized skillsets, especially around hardware management and logistics optimization, and differs fundamentally from verticals like food and grocery delivery, which benefit heavily from network effects. He further noted that riders typically prioritize cost and a seamless user experience over brand recognition or integration into a “super app.”
Other industry executives participating in the panel, including Michael Washinushi, co-CEO of Bird, echoed these sentiments. Washinushi accused Bolt of leveraging discounted pricing models supported by revenues from its ride-hailing segment to grow its micromobility business, without corresponding investments in operational quality. Both Bird and Voi executives emphasized their focus on data-driven logistical approaches, such as strategic vehicle placement, to deliver profitable and sustainable micromobility operations as opposed to simply saturating markets with large numbers of scooters and bikes.
The financial backdrop underscores their claims: Voi recently reported adjusted EBITDA profitability of $17.9 million, while Bird returned adjusted EBITDA profitability of roughly $19 million last year, a notable turnaround following the company’s previously announced bankruptcy and stock market delisting.
Bolt, by contrast, has not publicly revealed detailed financial performance for its micromobility operations, only indicating total revenues of around $2 billion last year amid substantial losses. Despite inquiries, the company has chosen not to comment on Hjelm’s reflections.
When asked about the potential acquisition talks or motivations behind his statements, Hjelm humorously declined to elaborate further at the time, noting he was attending the Swedish House Mafia reunion concert and would revisit the issue later.
