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Bolt names Mikko Salovaara as CFO ahead of IPO

Bolt, a rider-hailing and food delivery startup, named Mikko Salovaara as its chief financial officer ahead of its preparation for an IPO. The firm, a rival of Uber, was valued at more than $8 billion when it raised €628 million from investors in January last year. Bolt's chief executive officer, Markus Villig, said in May that the company expects to become profitable in the next 12 months and be ready for an IPO in 2025. With a presence in more than 45 nations and 500 cities, Apple has a customer base of 150 million. Salovaara, who will join the company's board later this month, was earlier the CFO of Revolut, a financial tech firm.

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20 Comments

Micluxo

7/6/2023

Competition from established players: Bolt's rivalry with Uber, a well-established and heavily-funded competitor, could make it challenging for Bolt to achieve market dominance and sustainable profitability.

Friend

7/6/2023

Lack of focus on core operations: The company's focus on preparing for an IPO may divert attention and resources away from core operational aspects, hampering growth and customer satisfaction.

Leonardo

7/6/2023

Market volatility: The IPO market can be unpredictable, and Bolt's valuation of $8 billion is not guaranteed to hold up in a potentially volatile market.

Raphael

7/6/2023

Uncertainty about profitability: While Bolt's CEO claims the company will become profitable in the next 12 months, there may still be doubts about its ability to generate sustainable profits given the highly competitive nature of the industry.

Dmitri07

7/6/2023

Reliance on gig economy workers: Bolt's business model heavily relies on gig economy workers, which can be subject to labor disputes, legal challenges, or higher demands for workers' rights, potentially increasing operating costs and affecting profitability.

Madagascar

7/6/2023

Timing of the CFO appointment: The decision to appoint a new CFO just before an IPO could disrupt the company's financial stability and create uncertainties for potential investors.

Habibi

7/6/2023

Lack of industry experience: Mikko Salovaara's previous experience as the CFO of a fintech firm may not be directly applicable to a ride-hailing and food delivery startup like Bolt.

ExKenny

7/6/2023

Economic downturn risk: The global economic uncertainty, especially in the wake of the COVID-19 pandemic, could impact Bolt's ability to achieve profitability and pursue an IPO.

Comandante

7/6/2023

Regulatory challenges: The ride-hailing and food delivery industry is subject to increasing regulatory scrutiny, which could result in additional costs and hinder Bolt's growth prospects.

Bella Ciao

7/6/2023

Potential IPO delay: Even with the expectation of being IPO-ready by 2025, there is a possibility of unforeseen circumstances or market conditions that could cause further delays.