South African vehicle solutions company MyNextCar (MNC) has raised $10 million in a major funding round to scale up its affordable mobility offering for ride-hailing drivers, particularly on Bolt’s growing low-cost platform, Bolt Lite. The round was spearheaded by UK-based Emso Asset Management, with participation from E2 Investments and Assemble Capital, and marks MNC’s first external funding raise.
The fresh capital will enable MyNextCar to deploy 1,500 compact Bajaj Qute vehicles, which are earmarked specifically for Bolt Lite—a budget ride category aimed at cost-conscious commuters in South Africa’s urban hubs. The new fleet will provide more drivers with access to income-generating vehicles while helping Bolt serve more passengers at lower fares.
A New Push for Inclusive Transportation
MyNextCar, a key partner in Bolt’s fleet network, has already helped over 700 drivers get on the road since launch. With this funding, the company aims to significantly expand that reach, focusing on both economic inclusion and sustainable mobility.
“We see transport as more than just movement—it’s a lifeline to opportunity,” said a MyNextCar spokesperson. “This funding allows us to put more South Africans, especially youth and women, behind the wheel of their own future.”
MNC’s existing driver base already reflects that mission: 43% are under 35 and 4% are women, highlighting its growing role in job creation and gender empowerment within the mobility sector.
Backing from Bolt and Global Investors
This expansion comes with Bolt’s full support. According to Lerato Motsoeneng, Senior General Manager at Bolt South Africa, “The investment in MyNextCar is not just about scaling Bolt Lite—it’s about creating a more accessible transport network and generating real livelihoods.”
Emso Asset Management’s investment continues its growing interest in Africa’s mobility space. The asset manager previously supported Moove, a pan-African vehicle financing startup, and sees MNC as a promising avenue for expanding ride-hailing access to underserved drivers and communities.
For E2 Investments, the round aligns with its broader impact-focused agenda: backing ventures that enable job creation and economic participation for South African youth. Details of Assemble Capital‘s role remain undisclosed, but the firm is believed to support innovative infrastructure and mobility solutions.
Navigating Industry Resistance
Despite its growth potential, Bolt Lite has sparked resistance in the country. Its ultra-low fares have triggered pushback—sometimes violently—from traditional minibus taxi associations, who fear losing passengers. The tension has raised concerns for lenders and policymakers, with several investors previously hesitating to fund ride-hailing initiatives targeting the lower-income market.
However, MyNextCar’s successful raise is being viewed as a turning point.
“The confidence of a global investor like Emso signals trust in both our operational model and the long-term viability of inclusive, low-cost mobility,” said the company. “This is not just about adding vehicles—it’s about unlocking dignity, income, and independence for thousands.”
Strengthening the Value Proposition
The 1,500-vehicle expansion is expected to roll out over the next 12 months, significantly boosting Bolt’s capacity to serve budget riders across South Africa’s urban centres. With rising fuel prices and inflation affecting commuters, Bolt Lite is carving out a critical niche in the country’s competitive transport landscape.
As the demand for affordable mobility grows across Africa’s cities, MyNextCar’s model—backed by institutional investors and aligned with real social impact—may represent a template for the next chapter of urban transport in the Global South.
