Bolt South Africa’s key fleet partner, MyNextCar (MNC), has successfully closed its first funding round, raising $10 million (R177 million) from Emso Asset Management, with the support of Bolt, Assemble Capital and E2 Investments.
In a statement, the e-mobility firm says this is a pivotal moment for Bolt and MNC.
It notes that the funding validates the early success of the Bolt Lite low-cost ride-hailing category pilot, and paves the way for its rapid expansion.
With this investment, Bolt adds, 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.
To date, MNC has empowered over 700 drivers to generate income through the Bolt platform, says the e-hailer.
It says 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.
Lerato Motsoeneng, senior general manager at Bolt South Africa, says: “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 MNC says: “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.
Bolt notes that this investment is an endorsement of the successful low-cost category pilot (Bolt Lite: Bajaj), and 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,” it says.
Despite these hurdles, Bolt adds that this substantial capital injection from a reputable institutional investor marks a step forward for MNC’s mission in South Africa.
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