The meals supply service which launched in 2021, has cited strategic causes for shutting down within the nation.
Nigerians will not be capable of place meals orders on the Bolt Meals app as Bolt is shutting down its meals supply service within the nation from December 7, 2023. The corporate introduced its determination as a transfer to streamline its sources and maximise its total effectivity.
Bolt, which presently presents meals supply providers in 16 international locations and 33 cities the world over, launched Bolt Food in Nigeria in October 2021 after elevated demand for meals supply providers in the course of the pandemic. Since its launch within the nation, Bolt Meals claims it has partnered with over 10,000 eating places, delivered over 1 million meals, and onboarded 23,000 brokers and 12,000 retailers.
When Bolt Meals launched, its important opponents have been Jumia Meals and Gokada earlier than new opponents like Glovo, Chowdeck, and Buyfood appeared within the $834.7 million Nigerian meals supply market. Whereas Bolt Meals’s determination to exit was blamed on a have to streamline sources, its competitor, ChowDeck, a Y Combinator-backed Nigerian meals supply startup, lately crossed ₦1 billion ($1.2 million) in monthly order worth. ChowDeck’s CEO, Femi Aluko claims that Chowdeck’s development in October was natural.
Meals supply companies within the nation are going through stringent macroeconomic challenges which has affected their operations. Rising gas costs have led Logistics startups like Bolt to up supply charges by 20-50%. A rising inflation charge additionally signifies that these logistics firms may have elevated operation prices. Except for these macroeconomic circumstances, poor street networks make it tough and time-consuming for supply riders to get round which finally results in delayed deliveries and buyer dissatisfaction. Additionally, the meals supply market in Nigeria is changing into more and more aggressive, with new gamers coming into the market on a regular basis. Generally inaccurate map places have an effect on meals deliveries and infamous site visitors congestion in locations like Lagos provides to the record of hurdles confronted by this meals supply service.