MyNextCar (MNC), a vehicle fleet enabler for Bolt in South Africa, has raised $10 million in its first institutional funding round. The investment, led by London-based Emso Asset Management with participation from Bolt, Assemble Capital, and E2 Investments, aims to accelerate the expansion of MNC’s operations across the country. Central to this growth is the scale-up of Bolt Lite, a budget-friendly ride-hailing option using compact vehicles such as the Bajaj Qute.
Expanding Access Through Affordability
The funding will support the rollout of 1,500 new vehicles under the Bolt Lite category within the next year, deepening access to affordable transportation in South Africa’s urban centers. Bolt Lite is designed to cater to price-sensitive commuters and has already shown promise during pilot programs, providing riders with an economical and efficient alternative to traditional taxis. With this latest injection of capital, MNC and Bolt hope to extend the model’s impact and reach.
Challenges and Renewed Confidence
Despite the initial success, scaling Bolt Lite has not been without resistance. MNC and its drivers have faced challenges from traditional taxi operators and illegal impoundments, creating hesitation among financial backers. However, this funding round is a strong vote of confidence in MNC’s ability to navigate these tensions and deliver a scalable, impactful transportation solution.
Driving Inclusion Through Employment
Since launching its partnership with Bolt, MNC has helped more than 700 drivers earn income on the platform. A notable 43% of these drivers are young people, and 4% are women—figures that underscore the program’s focus on youth employment and financial inclusion. MNC’s approach, which offers asset-light access to vehicles, is framed not just as a commercial initiative but as a means to empower communities and foster economic mobility.
Investor Confidence and Strategic Vision
Emso Asset Management’s lead investment highlights growing institutional interest in Africa’s mobility-fintech landscape, especially following its earlier support for Moove, another ride-hailing vehicle financing startup. E2 Investments’ participation reflects its mission to fund ventures that generate employment in underserved communities. Together, the investors are backing a model rooted in compact vehicles, cost efficiency, and wide accessibility, all of which are seen as key to sustainable growth in African urban transport.
A Platform for Long-Term Growth
MNC’s next phase will test the long-term viability of this approach in a competitive and regulatory-sensitive environment. The integration of small, fuel-efficient vehicles and a streamlined operating model positions Bolt Lite to meet both environmental and economic objectives. Bolt South Africa’s senior GM, Lerato Motsoeneng, emphasized that this round of funding is not only about vehicle expansion but about “reshaping South African transport by offering accessibility and affordability.”
MyNextCar’s $10 million raise marks a pivotal step in reshaping South Africa’s ride-hailing landscape through affordability and inclusivity. As MNC scales its fleet and strengthens its driver network, the partnership with Bolt aims to deliver long-term economic and social impact. With the backing of global investors and a clear growth strategy, MNC is poised to become a key force in building a more equitable and efficient urban mobility ecosystem in South Africa.