Estonia keeps growing its unicorns. According to its latest financial report, Estonian ride-hailing giant Bolt saw revenue rise 17% to €2 billion in 2024.

However, net losses increased to €102.6 million compared to 2023, while operating losses actually improved slightly to €87.7 million from €94.3 million. The company also contributed €41.7 million in labour taxes to Estonia.

The company had previously pledged to turn a profit within 12 months and go public in 2025, but no IPO timeline was mentioned in the latest report. When asked about funding needs, Bolt stated it is “focusing on preparatory steps” for a potential stock market listing when market conditions improve, but provided no specific timeline.

Estonia has proven it can produce successful public companies. Fellow Estonian unicorn Wise, the fintech company formerly known as TransferWise, went public on the London Stock Exchange in 2021 in one of Europe’s largest tech IPOs, now valued at $11B.

As for Bolt, Estonia remains at the heart of the company’s operations, as Tallinn provides a testing ground for innovative projects such as autonomous delivery. Overall it has grown substantially since its 2013 founding, now employing over 4,200 people globally, with 1,200 based in Estonia.

According to the latest stats, the platform operates in more than 50 countries and over 600 cities, serving over 200 million customers through a network of 4.5 million drivers and delivery partners. Ride-hailing services generate 82% of the company’s revenue, with food delivery and other services making up the remainder.

Source: investinestonia.com