Benzinga | May 4, 2021 09:06AM EDT

Uber Peer Bolt Launches Car-Sharing Project In Tallinn: Bloomberg

* Uber Technologies Inc (NYSE: UBER) ride-hailing peer, Bolt Technology OU, will initially launch a car-sharing project, Bolt Drive, in the Estonian capital, Tallinn, at steeply lower prices compared to the competition, Bloomberg reports.

* It will follow by subsequent expansion to other cities akin to its food delivery service.

* Bolt operates in roughly 40 countries in Europe and Africa. The company is the pioneer mobility platform in Europe to offer car-sharing, ride-hailing, and micro-mobility with scooters and electric bikes in one app.

* The initiative will let customers unlock cars with the app. The company estimates the initiative to influence various drivers to renounce car ownership.

* Bolt is presently valued at $2 billion after March's $20 million fundraising round from the World Bank.

* Bolt's previous backers include Daimler AG (OTC: DMLRY) (OTC: DDAIF) and China's Didi Chuxing Inc. The company may raise funds over the next one and a half years, subject to expansion plans and investor negotiations.