TALLINN, March 4 (Reuters) - Ride-hailing service Bolt said on Thursday it has raised 20 million euros ($24 million) from the World Bank's private-sector arm, the International Finance Corporation (IFC), for expansion in emerging markets.
Founded in 2013, Bolt - which has over 50 million users in more than 40 countries - has grabbed business from Uber Technologies Inc, mostly in major African cities and Eastern Europe.
"Our investment in Bolt aims to help tap in to technology to disrupt the transport sector in a way that is good for the environment, creates more flexible work opportunities for women, and provides safer and more affordable transportation access in emerging markets," IFC's chief operating officer, Stephanie von Friedeburg, said in a statement.
Tallinn-headquartered Bolt offers also scooter rental, food and parcel delivery.
Last year Bolt raised 100 million euros from London-based investment firm Naya Capital Management in a deal valuing it at 1.7 billion euros, and agreed with the European Investment Bank on 50 million euros in debt financing. ($1 = 0.8289 euro) (Reporting by Tarmo Virki in Tallinn Editing by Matthew Lewis)
