European ride-hailing and carpooling start-ups are more focused on profitability than their U.S. counterparts.
Lyft and Uber are stealing the spotlight in the global ride-hailing market with massive upcoming initial public offerings – and that doesn't bother their European rivals.
Lyft is expected to start trading publicly on the Nasdaq on Friday at a valuation of roughly $20 billion, but the company, like its archrival Uber, has yet to make money. Lyft's IPO prospectus revealed a $911 million net loss in 2018, while Uber reported even heftier adjusted losses of $1.8 billion during that period.
European ride-hailing and carpooling start-ups that haven't benefited from as much private funding as their U.S. rivals are taking a different tact. Villig said Bolt has spent less than $100 million since the company launched in 2013. It currently operates in 30 countries across Europe and Africa with 25 million users, a number its ambitious CEO hopes to turn into a"billion."
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