With the rise in the demand for more online grocery platforms, there are not only numerous such companies entering the market each month but also existing companies from other industries are trying their luck in this sector. Bolt, the Estonia-based multinational mobility platform made an announcement on Monday that it is raising funds amounting to 600 million euros (about US$713 million) to get into ultra-fast online grocery delivery. This latest fundraise brings the Uber rival’s total funding to more than 4 billion euros.
These funds will be used in support of the company’s efforts to introduce its Bolt Market 15-minute delivery service in 10 European countries. The service has an objective not to be consumers’ one-stop-shop to stock their fridges and pantries, but rather to meet last-minute grocery needs as they emerge.
“It is a lovely service for people who want to make porridge at home but discover they have run out of milk,” Jevgeni Kabanov, Bolt’s chief of product development, told Estonian news service ERR News in July. “It’s a way of getting the milk you need in 10-15 minutes, and perhaps a few more items your fridge is missing. It is not a place for a family’s weekly shopping, but rather the rebirth of the corner grocery store.”
Bolt operates in over 150 cities on five continents, but it is not the only paramount international ridesharing company to get into grocery delivery. There are also other prominent players in the market including Uber Eats who have recently doubled their grocery delivery presence partnering with chain Albertsons Companies. Additionally, there is DoorDash has also announced its merger with Albertsons Companies, offering one-hour grocery delivery provisions from almost 2,000 of the grocer’s stores, and global delivery giant Just Eat Takeaway.com is gearing up to launch grocery delivery across all of its markets.
This piece of news has been highlighted when e-grocery platforms from all around the world race to provide the fastest order fulfillment. For instance, American online grocery giant Instacart, for one, has launched 30-minute deliveries in select markets, while Berlin-based unicorn e-grocery startup Gorillas, which fulfills orders within 10 minutes, recently came to the United States. This race was kick-started by an increasing trend in online ordering during the pandemic.