Bolt Expands into Denmark with Acquisition of Viggo

Introduction of Acquisition

Estonian ride-hailing company Bolt has officially made its first acquisition by purchasing Danish startup Viggo for an undisclosed amount. This move allows Bolt to enter the Danish market and mark a significant milestone in the company’s expansion strategy.

About Viggo and Its Operations

Founded in 2019, Viggo operates a fleet of 300 electric vehicles and boasts a user base of 450,000 customers in Copenhagen and Aarhus. The acquisition aligns with Bolt’s commitment to electric operations and improving urban transportation. With this purchase, Bolt will enhance its presence in Denmark, where it has previously offered an e-bike rental service in Copenhagen.

Statement from Bolt’s CEO

Markus Villig, founder and CEO of Bolt, emphasized the company's ongoing search for promising acquisitions. He expressed satisfaction in finding a suitable match with Viggo, noting their shared mission to improve urban living through sustainable practices. "We have always had a high bar for M&A but we share Viggo’s mission to improve cities and were impressed by their fully electric operations," Villig stated. He also highlighted that this acquisition positions Bolt as the largest ride-hailing operator in Denmark.

New Partnership with Taxi 4x27

In addition to acquiring Viggo, Bolt has announced a partnership with Danish taxi company Taxi 4x27. Through this collaboration, over 600 vehicles from Taxi 4x27 will now be available on the Bolt platform, further enhancing the company's offerings in Denmark.

Bolt's Global Presence

Since its inception in 2013, Bolt has diversified its services beyond ride-hailing. The company now offers scooter and e-bike rentals, food and grocery delivery, and car-sharing options across more than 600 cities in 50 countries. This wide-ranging service portfolio underscores Bolt's plans to expand urban mobility solutions globally.

Challenges for Ride-Hailing in Denmark

Denmark has a unique regulatory environment for ride-hailing services, which has complicated the operations of international companies like Uber and Bolt. Uber previously exited the Danish market in 2017 after new regulations increased industry expectations, despite having around 2,000 drivers in Copenhagen at the time. The company made a comeback in early 2023 by partnering with a local taxi service, Drivr. However, ride-hailing costs in Denmark remain aligned with traditional taxi fares, limiting competitive pricing.

As both Bolt and Uber seek to establish their presence in Denmark, industry observers are keen to see how the local market adapts to these developments and how competition will shape the future of ride-hailing in the country.