Grace Ashiru
MyNextCar (MNC), a major fleet provider for Bolt in South Africa, has secured $10 million in its first institutional funding round—capital that could transform the country’s affordable ride-hailing market.
The round was led by London-based Emso Asset Management, with support from Bolt, Assemble Capital, and E2 Investments. The funds will enable MNC to expand its operations and deploy 1,500 new vehicles under Bolt Lite, a budget-friendly category powered by the compact Bajaj Qute.
For Bolt and its partners, this marks a strategic move to deliver affordability, accessibility, and local relevance in South Africa’s mobility space.
Although Bolt Lite has seen success in pilot programs, the path hasn’t been without challenges. Violent pushback from traditional taxi operators and unlawful vehicle impoundments have made financial institutions cautious.
This new funding round reflects a renewed belief in MNC’s capacity to navigate these obstacles and validate a new vision for urban transport.
To date, MNC has helped over 700 drivers earn through Bolt’s platform, with 43% of them being youth and 4% women.
That demographic skew is intentional. Both Bolt and MNC position their collaboration as a broader initiative to fight youth unemployment and drive financial inclusion through asset-light vehicle access. “This isn’t just about adding cars, it’s about changing lives,” a company spokesperson said.
Emso’s involvement also underscores its continued interest in Africa’s mobility-fintech space, following its previous investment in Moove, a vehicle financing startup for ride-hailing drivers. E2 Investments’ participation further supports its mission to fund impact-driven ventures that create jobs in underserved communities.
By backing a model built on small vehicles, lean operations, and wide access, these investors are helping Bolt strengthen its hold in South Africa’s cost-sensitive transport sector.
As competition intensifies and regulatory pressures persist, MNC’s next chapter will reveal whether scale, social impact, and profitability can successfully align in the country’s fast-changing ride-hailing ecosystem.
