Voi CEO says he’s open to acquiring Bolt’s micromobility business

Voi, a prominent player in the shared micromobility sector, is actively seeking acquisition opportunities, with Bolt's micromobility division topping CEO Frederik Hjelm's list. However, it remains unclear if Bolt is willing to part with its scooter and bike operations, as the company has not provided comment on the matter. During a recent roundtable discussion at the Micromobility Industries event in Brussels, Hjelm acknowledged Bolt's strengths as primarily a ride-hailing company. He noted that Bolt's diverse offerings, which include grocery and food delivery along with car rentals, present unique challenges. "Micromobility is very difficult due to its hardware requirements and the lack of network effects that benefit other services like food delivery and ride-hailing," he stated. Hjelm emphasized that users of dockless e-scooters and e-bikes tend to be locals focused on experience and cost rather than the convenience of a multi-use app. He maintained that brand recognition alone does not compensate for a subpar user experience, despite the potential appeal of a 'super app' like Bolt. The discussion took a critical turn when Bird's co-CEO, Michael Washinushi, commented on Bolt's pricing strategy. He described Bolt's approach as utilizing price cuts as a loss leader, suggesting that the company leverages revenue from its other operations to support its micromobility initiatives, which he believes lack substantial investment in operational excellence. Washinushi further explained that companies like Bird, Dott, and Voi rely heavily on data to optimize vehicle placement for better service efficiency, contrasting this with Bolt's strategy of deploying a large number of vehicles without strategic planning. Both Bird and Voi have reported impressive financial recoveries, with Bird achieving $19 million in adjusted EBITDA profitability in 2024, while Voi reported its first profitable year with $17.9 million in adjusted EBITDA. In comparison, Bolt has not disclosed figures specific to its micromobility segment, although reports indicate it generated approximately $2 billion in revenue in 2023, accompanied by a notable operating loss. When asked about his interest in acquiring Bolt and any discussions that might be ongoing, Hjelm humorously noted he would consider it after attending a Swedish House Mafia reunion, leaving the door open for future dialogue on the potential acquisition.