Bolt Names Mikko Salovaara As CFO In Preparation For IPO

By Steve Wynne-Jones
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Bolt Names Mikko Salovaara As CFO In Preparation For IPO

Estonian food delivery and ride-hailing startup Bolt has named Mikko Salovaara as its chief financial officer ahead of the company's preparation for an initial public offering.

The company, a rival of Uber, was valued at over $8 billion (€7.36 billion) when it raised €628 million from investors in January last year.

Chief executive officer Markus Villig told Reuters in May that Bolt expects to become profitable in the next 12 months and be ready for an IPO in 2025. The company has 150 million customers in over 45 countries and 500 cities.

'Maximising Operational Efficiency'

“In an industry where it’s notoriously hard to operate profitably, Bolt stands head and shoulders above its competitors," Salovaara commented.

"The culture of maximising operational efficiency, instilled by Markus 10 years ago, continues to guide the business today and has left Bolt well-positioned to reach and maintain long-term profitability. I look forward to being part of this next stage in Bolt’s journey as the business prepares for IPO.”


Former Revolut Executive

Salovaara, who will join the food delivery company later this month, was earlier the CFO of fintech firm Revolut.

Elsewhere, Markus Villig, founder and CEO of Bolt, said that bringing Salovaara on board "at this crucial time for the business will be invaluable as we continue our focus on long-term and sustainable growth and begin our preparations for IPO".

Read More: Estonia's Bolt, Starship In Food Delivery Robot Deal

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