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Scale at work

Scale at work
Martynas Charevičius' infrared photography
Lithuania Tech Weekly #180
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work in progress

  • The promised land. Bolt posted 2023 revenue at EUR 1.7B (jumped 37.4%), EBIT loss of €94.2m (only). 87% of revenue is from Europe, and 81% is driving service (the rest being rentals and deliveries). What else to know? EUR 535m marketing spend. The largest shareholder – Markus Villig – owns 16.88% of the company.

    On a similar scale, but little more profit: Revolut 2023. That is £1.8b of revenue (+95% YoY), £438m of pre-tax profit (vs £25m loss in 2022), 45m accounts (+36% YoY). Curious to see how Nik Storonsky's side hustle, AI-led and ‘truly systematic’ $200 million VC firm QuantumLight, will perform (in New Nordics, they have backed Danish Monta already).

    Also, in the promised land, regulators are after you: Vinted will appeal the €2,3 m privacy fine it received from the Lithuanian data protection authority, making a case that they have been protecting users and has not violated GDPR. If the fine is refuted – it will be a sad case study of a regulator who shows no understanding of strategy, as Eimantas argues)
  • More on mobility, beyond Bolt. Woop Drive is getting launched, starting with petrol discount card and moving into car-sharing very soon. Now talking about gas, the tide has shifted, as you know – it will be almost all electric, because of these fundamental technology improvements. Inbalance grid is set to become major player in Poland – just made a deal with Stokrotka, to launch 270 charging spots across the market. Dancer, an electric bus maker, has made its way with public funding and private investment, but now struggling to survive.
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