Bolt Acquires Viggo, Strengthening Its Grip on European Mobility

Estonian mobility giant Bolt has taken a significant step in its expansion strategy by acquiring Danish taxi startup Viggo. The deal, announced on March 24, 2025, marks Bolt’s entry into the Danish ride-hailing market and reinforces its presence in regulated European regions. This move aligns with Bolt’s broader growth strategy as it prepares for a potential initial public offering (IPO) in 2026.

Bolt, founded in Estonia in 2013, has become one of Europe’s leading shared mobility platforms. The company provides ride-hailing, e-bike rentals, and food delivery services across 50 countries and 600 cities, serving over 200 million customers. Over the years, Bolt has raised $2 billion in funding, reaching a peak valuation of €8.4 billion. Its business is primarily driven by ride-hailing services, which account for 82% of its revenue, with rental services and food delivery making up the remaining share.

The acquisition of Viggo is Bolt’s first-ever purchase of another mobility company, a shift from its previous strategy of organic growth. Founded in 2019, Viggo has established itself as Denmark’s third-largest mobility provider, known for its premium all-electric fleet and innovative business model. The company operates over 300 electric vehicles and employs 500 professional drivers, serving approximately 450,000 users in Copenhagen and Aarhus. Viggo has gained a reputation for its sustainable approach, utilizing ultra-fast charging hubs under the brand ViggoEnergy.

Bolt has not disclosed the financial details of the transaction. However, industry estimates suggest that the acquisition price likely reflects a multiple of Viggo’s projected 2024 revenue of €47 million. A similar valuation model was observed in the 2024 acquisition of Dott by Lime at a revenue multiple of 2.8x. Observers speculate that Bolt may have leveraged funds from its $355 million Series E round in 2022 to finance the purchase.

Lars Speekenbrink, Regional General Manager of Northern Europe at Bolt, emphasized the strategic importance of this acquisition.
Speekenbrink stated:

"We are not entering Denmark as a small player — we are acquiring the best-performing taxi company in the market. Viggo has set the standard for premium service, customer satisfaction, and a fully electric fleet, and we are excited to build on that success."

The Danish ride-hailing market has undergone substantial regulatory changes in recent years. Uber, which exited Copenhagen in 2017 due to stringent taxi laws, only re-entered the market in January 2025 through a partnership with local firm Drivr. Viggo’s success can be attributed to its ability to navigate Denmark’s regulatory landscape while maintaining high customer satisfaction. The company operates as a licensed "kørselskontor" (ride-hailing office), ensuring compliance with local laws. Its focus on sustainability has also contributed to its competitive edge, with an estimated annual reduction of 1,800 metric tons of CO₂ emissions.

Bolt's acquisition of Viggo is part of a broader strategy to strengthen its foothold in regulated markets. Alongside the Viggo deal, Bolt has also partnered with Danish taxi operator Taxi 4×27, adding a fleet of 600 vehicles to its platform. This dual approach allows Bolt to rapidly scale its operations in Denmark while maintaining a strong focus on sustainability.

Bolt’s main competitors in the Danish market include Uber, inDrive, and ElectricPe. While Uber has established a strong global presence, Bolt aims to differentiate itself through its integrated services and lower driver commission rates, which are typically 10–15% lower than Uber’s in key markets.

Before acquiring Viggo, Bolt had maintained a cautious approach toward mergers and acquisitions, with CEO Markus Villig emphasizing the need for a high standard when evaluating potential deals. The company had previously reviewed several mobility startups but had not pursued any acquisitions until now. With this deal, Bolt is signaling a shift in its growth strategy, potentially laying the groundwork for further acquisitions in other regulated European markets.

For Viggo’s customers and drivers, the acquisition is expected to bring continuity rather than disruption. Bolt has committed to maintaining Viggo’s premium service standards, ensuring that the transition remains smooth for both users and drivers. The integration will also allow Bolt to leverage Viggo’s data to optimize ride-sharing routes and charging infrastructure, aligning with its long-term vision for multi-modal transportation.

Industry analysts believe that the Danish acquisition could serve as a blueprint for Bolt’s future expansions in cities with strict mobility regulations. Potential targets for expansion include Germany’s FEMON-regulated markets and France’s ZFE-mobility zones. However, a key challenge will be ensuring a seamless integration process, particularly in maintaining Viggo’s impressive 92% driver retention rate. Bolt has faced difficulties with driver retention in other markets, including Poland, where it reported a 25% driver churn rate in 2023.

The deal highlights the increasing competition in Europe’s ride-hailing sector, where regulatory compliance and sustainability are becoming central factors in business growth. With the ride-hailing industry evolving rapidly, Bolt’s strategic acquisitions and planned IPO in 2026 will play a crucial role in shaping the company’s future trajectory.