MyNextCar MNC , a key fleet enabler for Bolt in South Africa, has raised USD 10 M in its first institutional funding round-capital that could reshape the country's low-cost ride-hailing landscape.
The investment, led by London-based Emso Asset Management with backing from Bolt, Assemble Capital, and E2 Investments, will help MNC scale its operations and roll out 1,500 new vehicles under Bolt Lite, a budget-focused category powered by the compact Bajaj Qute.
For Bolt and its partners, it's a bet on a model that brings affordability, accessibility, and local relevance to South Africa's mobility market.
Despite the success of Bolt Lite in pilot phases, the journey hasnt been frictionless. Violent resistance from traditional taxi operators and illegal vehicle impoundments have made lenders wary.
This new funding signals renewed confidence in MNC's ability to overcome those headwinds and validate an alternative future for urban transport.
