Uber rival Bolt raises cash, hits $8 bln value

Uber rival Bolt says it's raised new money to help take on the U.S. giant.

The Estonia-based firm says it got just over $711 million from investors led by Sequoia Capital and Fidelity Management and Research.

That took its valuation to almost $8.4 billion - nearly double the price put on it at the last funding round in August.

Besides ride hailing, Bolt also offers services including scooter rentals, car sharing and fast grocery deliveries.

It says it now has over 100 million customers in 45 countries.

Rivalry with Uber has led to price wars in many locations.

Bolt says it is focused on staying "frugal", and lowering costs for consumers.

The firm says it's now expanding all five of its product lines, and rolling out service to new cities.

It's already operating in over 400 towns across Europe and Africa.

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