Benzinga | Aug 2, 2021 04:32PM EDT

European Uber Rival Firm Reaches $4.8B Valuation Following Fundraise For Grocery-Delivery Service: Report

* Uber Technologies Inc's (NYSE:UBER) European rival, Bolt Technology OU, doubled its valuation to $4.8 billion ((euro)4 billion) after raising money to finance a grocery-delivery service, aiming to capitalize on the pandemic recovery, Bloomberg reported.

* Bolt, which boasts 75 million customers, raised (euro)600 million from investors, including Sequoia Capital and Tekne Capital Management, to finance a 15-minute grocery delivery service called Bolt Market in 10 European countries few months.

* Bolt operates in 45 countries in Europe and Africa. It is likely to launch the grocery delivery service in the Baltics, Central Europe, Sweden, Portugal, Croatia, and Romania.

* Bolt aims for affordable and pollution-free urban travel via on-demand transport.

* The budding grocery delivery business witnessed the debut of multiple players amid the pandemic, fighting for market share in major European cities, Forbes reports.

* Meanwhile, food delivery firms like Deliveroo PLC (OTC:DROOF) remain highly competitive, and Bolt continues to compete with Uber in the ride-hailing space.

* Investors valued Turkey's Getir at $7.5 billion in June, CNBC reports.

* Price action: UBER shares closed higher by 0.06% at $43.49 in the market session on the last check Monday.