Uber’s European rival Bolt re-enters London market

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Uber’s European rival Bolt re-enters London market

Estonian ride hailing service, Bolt, which was called Taxify until 2019, would re-enter into the competitive taxi markets of London on Tuesday, the 11th of June 2019, while it had pledged to provide cheaper rides than other rivals and a better share to drivers than its larger, global rival Uber Technologies Co.

The latest move came forth a month after Uber’s London drivers had joined a strike and halted their services for two hours to protest against the disparity of wages. In point of fact, Uber takes a 25 percent cut of the drivers who use its app for collecting riders, while Bolt had promised a 7.5 percent cut for the first two months and later 15 percent for its drivers, arguing that the drivers would provide a better service.

Bolt had in actuality grabbed a portion of Uber’s business during its launch and currently remained operational in more than 30 countries with 25 million clients on Central and Eastern Europe alongside major African cities.

None the less, Bolt had first made its attempt to enter London market back in 2017, when the smaller ride-hailing company was denied an operating license. Adding that Uber’s business is a monopoly of ride-hailing service, Bolt founder Markus Villig said to the reporters following the reveal of the news of its re-entry into London market, “Uber is basically a monopoly. At the same time, an average Uber driver makes less than minimum wage”.