Bolt, formerly known as Taxify, shuts down its operations in London following the TFL investigation and to clear up its legal position with the London regulators. According to a spokesperson, Taxify is not a licensed private hire operator. This plea made the transportation firm stop accepting bookings in London.
After a thorough investigation, slowly but surely, Bolt continuously wins the race. Finally, Bolt will again enter the London market promising to give cheaper rides to its passengers. Bolt also assures to give higher profit to its drivers.
Uber, the ride-hailing company, who also entered London, would be Bolt’s greatest competitor. “We focus on markets where Uber used to have a monopoly and then we come in with a much better offering for drivers,” said Markus Villig, Bolt founder.
“Uber is basically a monopoly. At the same time, an average Uber driver makes less than minimum wage,” Villig told Reuters. “So far, there has been a monopoly, which leads to the same problems of higher prices and poor service. We are here first to fix that, but it will take two to three years to do so,” Villig said.
Bolt announced its launch on Tuesday. It is one of the many start-ups attempting to take market share in London. “London is one of the biggest, most profitable markets for Uber globally and one where it didn’t have a serious competitor,” said Villig.
According to Villig, Bolt hopes to cultivate its passengers with some discounted price. Along with the kickoff, Bolt will offer a 50% discount rate to its passenger. After some time, it will then go back to its regular rates which are 5%-10% cheaper than other transportation firms.
As promised, Bolt will first give a 7.5 percent commission to its drivers for its first two months of operation before switching to a 15 percent commission.