Estonian ride-hailing company, Taxify, has announced the change of its company's name to 'Bolt'. The change comes just when the Company is in need of immediate funding. Taxify wanted the word Taxi removed from its name so as to remove the impression that it was only meant for car-only ride-hailing business.
Bolt is the name the business has been using for its electric scooter service, and it will now be used for all the company’s offerings.
The name change also moves away from the idea that the business is a car-only ride-hailing company, by removing the word “taxi”.
The company plans to add more vehicles like scooters to its service list, while it also plans on entering the public transport market in the future.
The name Bolt further reflects the company’s focus on both electric vehicles and speed, said CEO Markus Villig.
“We are bullish that the future is fully electric and so we wanted a name that moved us away from the combustion engine,” said Villig.
Bolt has 25 million users in 30 countries across Europe and Africa.