Latest news with #Bolt
IOL News
8 hours ago
- IOL News
Concerns mount over ride-hailing safety after Simthande Myeza's abduction in South Africa
Simthande Myeza, a digital creator from Durban who was abducted while using Bolt. Image: Instagram In a harrowing incident that has sent shockwaves through South Africa, popular digital content creator Simthande Myeza was abducted at gunpoint on June 17, 2025, shortly after boarding a vehicle arranged through the ride-hailing service, Bolt. The kidnapping took place in the Umbilo area in Durban, raising significant concerns over the safety protocols of such services. Contacted for comment, Lerato Motsoeneng, Senior General Manager for Bolt South Africa, expressed deep concern over the incident. 'We are aware of the incident currently being shared online involving a rider, Simthande Myeza, who reportedly experienced a deeply disturbing situation while using our platform,' she said. 'We want to express our sincere concern and sympathy. We are committed to handling this matter with the utmost seriousness and will fully support the relevant authorities in addressing it.' Motsoeneng further indicated that the company's safety team had already reached out to Myeza to gather more information and to better understand the circumstances surrounding the incident. 'While we are still in the process of verifying the trip information, we remain committed to engaging all parties to ensure the matter is thoroughly addressed. The safety of our community is our highest priority,' she stated. The abduction has reignited public scrutiny regarding the safety measures implemented by ride-hailing services, with calls emerging for Bolt's cancellation or shutdown in South Africa. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ Anele Mdoda's X post expressing anger on the abduction of Durban digital content creator, Simthande Myeza. Image: X Prominent radio personality Anele Mdoda added her voice to the outcry on social media platform X. She re-shared a statement from Myeza's family, without words, punctuating her emotions with an angry face emoji, reflecting the widespread anger among the public. Mdoda herself has had a frightening experience with ride-hailing services. Back in February, she described a tense encounter with an Uber driver, claiming he became aggressive after she selected the 'don't talk to me' option. 'In my country, we would assault you to teach you a lesson,' the driver allegedly told her, illustrating the dangerous situations passengers can face. The conversation on X following Mdoda's post highlighted the growing fear regarding ride-hailing services. Users echoed similar sentiments with comments such as: @SoberPanAfrika stating, '@boltapp needs to be shut down in SA,' while @NxeleN added, 'Delete @ is the most dangerous app you can have installed.' Concerns only amplified with @Driza84 questioning, 'Too many scary stories from Bolt.. why is @GovernmentZA not doing anything about this company?' Myeza is safe and currently recovering from the ordeal with the support of friends and family. With the investigation into the Myeza abduction under way, Bolt has reiterated its commitment to cooperating with the authorities to promote safety on its platform. As the public awaits further developments on the case, the broader implications for ride-hailing safety remain a pressing topic of discussion.
The Citizen
13 hours ago
- The Citizen
Simthande Myeza 'abducted and robbed' during e-hailing trip
The family said the matter has been reported to the police. Simthande Myeza as himself and as his character, MakaThangithini. Pictures: Instagram/@simthandemyeza The family of popular TikToker and actor Simthande Myeza has shared that the entertainer was abducted and robbed during an e-hailing trip in Durban. Myeza is well known for his educational and humorous skit characters, including MakaThangithini. In a statement released on Thursday morning, family spokesperson Lomsongaka Myeza said the incident happened earlier this week on Tuesday evening, 17 June. Lomsongaka said that Simthande was using Bolt in the Umbilo area. He became suspicious when the driver took a different route and so asked him to make a U-turn. 'That's when the driver became agitated and eventually stopped the car. Two other African males approached the vehicle and one of them pointed a gun at Simthande. The other blindfolded him, tied his hands and drove with him to an unknown location,' the statement read. The attackers allegedly gained access to Simthande's phone and emptied his bank account. 'Upon realising who he was, they went on to make phone calls to his family members, colleagues and friends demanding a ransom. 'When they received the money, they stripped him of his clothes and took pictures and videos of him while forcing him to perform despicable acts,' the statement continued. ALSO READ: WATCH: 'I am damaged' – TikTok sensation Asanda Msomi recounts Bolt driver kidnapping ordeal Simthande Myeza home safe The family said Simthande was later released in the early hours of Wednesday morning. Before releasing him, the attackers allegedly threatened to harm him and his family if he reported the incident. The family said the matter has been reported to the police and Simthande is now in a safe place, surrounded by loved ones. The Citizen has reached out to Bolt SA for comment and this article will be updated when comment is received. NOW READ: Nduduzo Makhathini on spiritual understandings anchoring his music and remaining modest
Economic Times
2 days ago
- Business
- Economic Times
Swiggy shares rally 8% in 2 days; IIFL sees 46% upside potential
Shares of India's second-largest foodtech platform, Swiggy, climbed as much as 5.1% on Thursday to Rs 383.80 on the BSE, extending their two-day rally to 7.9% after brokerage firm IIFL Capital initiated coverage with a bullish outlook, citing strong growth prospects in both food delivery and quick commerce. ADVERTISEMENT IIFL Capital launched coverage on Swiggy with a 'buy' rating and a target price of Rs 535, a 46% upside from Wednesday's closing price. The brokerage highlighted 'improving execution, strong positioning in food delivery, and underappreciated potential in quick commerce' as key drivers of future gains. Swiggy, which has seen its market share dip in recent quarters, is forecasted to deliver a 28% compound annual revenue growth rate between FY25 and FY28, and turn Ebitda-profitable by FY27, IIFL said. While acknowledging Swiggy lags behind market leader Zomato (now Eternal) by 7–8 quarters in both gross order value and Ebitda margins, the brokerage said this is due to slower execution in the past rather than a competitive disadvantage.'Swiggy's market share shrunk from 46.5% in FY22 to 42.4% in 1QFY25. We believe this was largely on account of execution issues rather than any competitive disadvantage,' IIFL added. Swiggy has begun regaining lost ground through improved execution and initiatives such as Bolt, its 10-minute delivery service, which now contributes 12% of order volumes. The platform is estimated to hold a 43% share in India's food delivery market, which IIFL expects to remain a stable duopoly. ADVERTISEMENT IIFL projects the food delivery vertical to grow at 18% CAGR over FY25–28, with Adjusted Ebitda margins expanding to 20% by FY28. Swiggy's contribution margin has already risen from 7.1% of gross order value (GOV) in FY25 to 7.8% in the March quarter, aided by better monetisation, higher ad revenues, and cost optimisation.'We expect Ebitda margins approaching ~5% of GOV by FY28 and stabilising at those levels in the long term,' IIFL said. ADVERTISEMENT Swiggy's food delivery business has been valued at $8.5 billion by the brokerage. Given its market capitalisation of $10.3 billion, that implies the remaining value assigned to its quick commerce (QC) and other businesses is just $1.8 billion, an '88% discount to Blinkit despite being only about half its size,' IIFL noted. The brokerage said this valuation gap offers 'meaningful re-rating potential' if Swiggy executes well in QC. Thursday's gain extended Swiggy's one-month rally to 19%, with the stock up 7.5% over the past week and 7.5% in the last three months, though still down 33.7% over the past six months. ADVERTISEMENT From a technical standpoint, Swiggy is trading above all its key simple moving averages (5-day, 10-day, 20-day, 30-day, 50-day, and 100-day), signalling bullish momentum. The Relative Strength Index (RSI) stands at 62.4, below the overbought threshold of 70. Meanwhile, the MACD is at 9.1 and remains above both its centre and signal lines, a positive sign for the stock. Also read | Swiggy shares may rally 50%, says IIFL as it initiates coverage with buy call ADVERTISEMENT IIFL flagged heightened competition and regulatory uncertainty as key risks to its investment thesis, but maintained a confident tone on Swiggy's long-term potential: 'The stock currently trades at 4.1x FY26 estimated EV/Sales, well below Indian internet peers,' the brokerage said, adding that it expects this discount to narrow as Swiggy scales profitably across verticals. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Time of India
2 days ago
- Business
- Time of India
Swiggy shares rally 8% in 2 days; IIFL sees 46% upside potential
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Quick commerce in focus Technicals turn bullish Shares of India's second-largest foodtech platform Swiggy , climbed as much as 5.1% on Thursday to Rs 383.80 on the BSE, extending their two-day rally to 7.9% after brokerage firm IIFL Capital initiated coverage with a bullish outlook, citing strong growth prospects in both food delivery and quick commerce IIFL Capital launched coverage on Swiggy with a 'buy' rating and a target price of Rs 535, a 46% upside from Wednesday's closing price. The brokerage highlighted 'improving execution, strong positioning in food delivery, and underappreciated potential in quick commerce' as key drivers of future which has seen its market share dip in recent quarters, is forecasted to deliver a 28% compound annual revenue growth rate between FY25 and FY28, and turn Ebitda-profitable by FY27, IIFL acknowledging Swiggy lags behind market leader Zomato (now Eternal) by 7–8 quarters in both gross order value and Ebitda margins, the brokerage said this is due to slower execution in the past rather than a competitive disadvantage.'Swiggy's market share shrunk from 46.5% in FY22 to 42.4% in 1QFY25. We believe this was largely on account of execution issues rather than any competitive disadvantage,' IIFL has begun regaining lost ground through improved execution and initiatives such as Bolt, its 10-minute delivery service, which now contributes 12% of order volumes. The platform is estimated to hold a 43% share in India's food delivery market, which IIFL expects to remain a stable projects the food delivery vertical to grow at 18% CAGR over FY25–28, with Adjusted Ebitda margins expanding to 20% by FY28. Swiggy's contribution margin has already risen from 7.1% of gross order value (GOV) in FY25 to 7.8% in the March quarter, aided by better monetisation, higher ad revenues, and cost optimisation.'We expect Ebitda margins approaching ~5% of GOV by FY28 and stabilising at those levels in the long term,' IIFL food delivery business has been valued at $8.5 billion by the brokerage. Given its market capitalisation of $10.3 billion, that implies the remaining value assigned to its quick commerce (QC) and other businesses is just $1.8 billion, an '88% discount to Blinkit despite being only about half its size,' IIFL noted. The brokerage said this valuation gap offers 'meaningful re-rating potential' if Swiggy executes well in gain extended Swiggy's one-month rally to 19%, with the stock up 7.5% over the past week and 7.5% in the last three months, though still down 33.7% over the past six a technical standpoint, Swiggy is trading above all its key simple moving averages (5-day, 10-day, 20-day, 30-day, 50-day, and 100-day), signalling bullish momentum. The Relative Strength Index (RSI) stands at 62.4, below the overbought threshold of 70. Meanwhile, the MACD is at 9.1 and remains above both its centre and signal lines, a positive sign for the flagged heightened competition and regulatory uncertainty as key risks to its investment thesis, but maintained a confident tone on Swiggy's long-term potential: 'The stock currently trades at 4.1x FY26 estimated EV/Sales, well below Indian internet peers,' the brokerage said, adding that it expects this discount to narrow as Swiggy scales profitably across verticals.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Yahoo
2 days ago
- Business
- Yahoo
Voi CEO says he's open to acquiring Bolt's micromobility business
Shared micromobility startup Voi is on the hunt for acquisitions. And on CEO Fredrik Hjelm's wishlist is Bolt, the European mobility super-app best known for ride-hailing. Not that Bolt's micromobility business is necessarily for sale — despite talk of Voi buying the company's scooter and bike arm. Bolt declined to comment when TechCrunch reached out. 'Bolt is a great company, but they are mainly a ride-hailing company,' Hjelm told TechCrunch onstage at the Micromobility Industries roundtable in Brussels, where he was joined by Bird co-CEO Michael Washinushi and Dott/Tier CEO Henri Moissinac. Hjelm said Bolt's challenge is that it needs to be 'extremely good in several verticals.' Aside from ride-hailing, Bolt offers grocery and food delivery, as well as car rentals. 'Micromobility is very difficult, and it has the hardware aspect, but no network effect like how food delivery and ride-hailing [can lead to] grocery delivery, as well,' Hjelm said. He noted most people who pick up a dockless e-scooter or e-bike are locals who prioritize experience and affordability rather than the ability to use a 'super app' like Bolt. When provided an example of riders who use micromobility services because they recognize the brand — and might not want to download another app — he stuck to this thesis. Hjelm said he doesn't think brand recognition is enough to make up for a worse user experience. Of course, there's no data proving that Voi offers a better user experience than Bolt. That didn't stop others on the panel from joining the Bolt pile-on. 'Bolt uses price as a loss leader,' said Bird's Washinushi, referring to Bolt's ability to rely on revenue from its other operations to grow its micromobility business at a loss. 'They discount the price, and that's how they acquire installs. My sense is they don't make a huge investment in…really good operations in micromobility.' Washinushi noted that Bird, as well as Dott and Voi, use a lot of data to rebalance vehicles. 'You can dump thousands of vehicles and hope people get rides, or you can… place half those vehicles at the right place and right time to optimize the rides and optimize the price,' he said. 'And that's [how] the business has really evolved in the past two or three years… that, for us, makes it a very self-sustaining business.' In 2024, Bird said it achieved $19 million adjusted EBITDA profitability — quite the feat for a company that had delisted from the stock market and filed for bankruptcy two years ago. Voi also achieved its first profitable year last year with adjusted EBITDA of $17.9 million. Bolt hasn't shared financial numbers for its micromobility business. In November 2024, the company said it had hit $2.11 billion in annual revenue across its business units, but didn't share how much it lost. According to local reports, Bolt recorded revenue of around $2 billion in 2023 on an operating loss of $108 million. TechCrunch attempted to follow up Wednesday with Hjelm about why he'd want to acquire Bolt and whether he has been in talks with the company. 'I'm at the Swedish House Mafia reunion and will think about Bolt tomorrow,' he responded. TechCrunch will update this story if Hjelm has more to say on the matter. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
