Bolt is set to deepen its market penetration in Thailand with substantial investments planned for the next two years. The Estonian ride-hailing company has earmarked 400 million baht for expansion initiatives in 2025, aiming to solidify its presence in the region.
The company views Thailand as a pivotal market with significant growth potential in Southeast Asia.
“We will continue to invest in Thailand in 2025-2026 with the ambition to become one of the leaders in the ride-hailing market through both organic and inorganic growth strategies,” stated Nathadon Suksiritarnan, general manager of Bolt Thailand, in an interview with the Bangkok Post.
He refrained from detailing the investment amount for 2026. Starting in 2023, the company began implementing a 15% commission fee on drivers, having not charged any fees since 2020.
“Over the past year, we’ve invested 400 million baht to expand our city coverage from three cities to 13, and we offer attractive passenger fares that are at least 20% lower than those of our competitors,” Mr. Nathadon explained.
He emphasized the company’s continued commitment to invest and expand within the Thai market.
Bolt currently boasts over 1 million registered users, with 100,000 active daily users, largely from the Gen Z demographic.
Mr. Nathadon revealed plans to boost Bolt’s brand presence significantly, aiming to expand operations to up to 20 cities by next year.
In terms of safety, the company prioritizes stringent measures including criminal background checks, facial scans for drivers, and providing passengers with in-app emergency assistance and an audio recording feature for the duration of the ride.
The company is determined to reduce passenger safety incidents to less than 10% of the global average in the near future.
“The ride-hailing market in Thailand is currently valued at US$2.1 billion and is expected to grow at an annual rate of 10% over the next three years, with a yearly growth rate of 30%,” Mr. Nathadon noted.
“Bolt itself has posted triple-digit growth and is expected to be profitable for the full years of 2023 and 2024,” he added.
He also noted that the market will mature when half of Thailand’s population utilizes ride-hailing services. Currently, an estimated 10 million Thais engage with such services from a total population of 70 million.
Following its launch in Malaysia this year, Bolt is planning further expansions into the Philippines and Vietnam in 2025, aiming to cater to both regional travelers and those in Europe and Africa.
Despite growing market competition, Mr. Nathadon remains optimistic about meeting customer needs. “In the long term, we’ll create a loyalty program for our passengers,” he affirmed.
He also commented on the current economic landscape, noting that it has not yet affected Bolt’s operations. However, he acknowledged that the proposed 20-baht fare cap on all Greater Bangkok rail lines in 2025 could pose challenges.
Transport Minister Suriya Junrungreangkit has previously stated the government’s intention to set a uniform 20-baht fare across all rail lines in the region by 2025.
