Kyriakos Tjionis: "Bolt is fully committed to strengthening its presence and expanding its services in Cyprus"

"Bolt established a presence in Cyprus because of its strategic location and the growing demand for accessible transportation solutions. The island’s unique mix of urban and coastal areas made it an ideal market for our services, including ridesharing, food delivery, and business solutions," Kyriakos Tjionis, Business Development Manager for Bolt in Cyprus reveals.

In a recent interview with CBN. Tjionis also elaborated on the recently-launched Bolt Business service while also, among other things, talking more about what first drew Bolt to Cyprus and how doing business here compares to its other locations.

Bolt recently launched Bolt Business in Cyprus. Can you tell us more about this service and the benefits it can provide participating companies?

Bolt Business makes it easier for businesses and their employees to use the Bolt app for business travel. Bolt Business offers a range of tailored solutions to meet business customers’ needs.

• Bolt Business account: Allows customers to add employees, freelancers, and contractors to their account for complete control over how employees travel for work. Companies can set spending limits and conditions for travel, and travellers can travel for work using their Bolt app, with the company as a payment method.
• Work Profile: This free feature in the Bolt app offers all the convenience of Bolt with the addition of pre-filled ride receipts. This means no lost receipts, no paperwork, and no more time spent filling out expense reports. Employees can connect the Work Profile with their company’s expense management software.
• Ride Booker: A tool for booking and scheduling rides for employees and partners — those travelling don’t even need the Bolt app.
• Ride Booker API: Allows third-party companies to provide final destination transport via their products using Bolt Ride Booker back-end technology.

Bolt Business is available in over 50 countries across Europe and Africa:

• Europe: Ride-hailing and micromobility.
• Africa: Ride-hailing, three-wheelers, and motorbikes.
• Baltics: Ride-hailing, car rental and on-demand car rental, micromobilty, Bolt Food, and Bolt Market.

Are there plans to introduce other Bolt products and services specifically targeted at businesses in Cyprus?

At this stage, our primary focus is on optimising and expanding our existing services in Cyprus to better serve our customers. However, we are always evaluating opportunities to introduce additional Bolt products and services that could bring value to businesses and communities in the region. As the market evolves and demand grows, we remain open to exploring new solutions tailored specifically to the needs of businesses in Cyprus.

More widely, can you reveal more about Bolt’s wider plans for Cyprus including the introduction or expansion of products and services?

Bolt is fully committed to strengthening its presence and expanding its services in Cyprus. Notably, Cyprus is the only country where we’ve introduced minibuses in the ride-hailing category, launched in August 2024—an offering designed specifically to meet local needs. Additionally, we recently introduced Bolt Send, a convenient parcel delivery service that allows users to send items quickly and efficiently. These initiatives reflect our dedication to continually expanding our portfolio and enhancing urban mobility in Cyprus, making it more accessible, efficient, and reliable.

What are your most popular services in Cyprus today? Do they differ from town to town or is their appeal island-wide?

Our most popular services in Cyprus today are ride-hailing and Bolt Food. These services have a broad appeal across the island, but we do observe some regional and seasonal variations in demand. Ride-hailing sees a significant uptick during major events particularly during the summer months, as coastal areas like Limassol, Larnaca, Famagusta, and Paphos experience a surge in tourism. These areas become hotspots for ride-hailing services due to their popularity among both locals and visitors. On the other hand, Bolt Food enjoys steady demand throughout the year, with fluctuations influenced by local dining trends and the number of participating restaurants in different towns. In addition, Bolt Business and Bolt Scooters are steadily gaining traction in urban centres, with their reach gradually expanding as more users discover the convenience they offer. Overall, while some variations exist depending on location and season, our services are designed to cater to the diverse needs of users across Cyprus.

Can you tell us more about Bolt’s presence in Cyprus currently, for example, how many employees do you have on the island?

Bolt’s presence in Cyprus has grown steadily since our launch in 2018. Our office is based in Nicosia, and our team consists of 30 employees.

Going back to the beginning, what were some of the reasons Bolt decided to create a presence in Cyprus?

Bolt established a presence in Cyprus because of its strategic location and the growing demand for accessible transportation solutions. The island’s unique mix of urban and coastal areas made it an ideal market for our services, including ridesharing, food delivery, and business solutions. We saw an opportunity to support both residents and tourists by providing reliable and convenient mobility options. Additionally, Bolt aims to contribute to the local economy and offer another alternative to already existing transportation systems.

What are the main differences in doing business here and, for example, in Estonia where Bolt is headquartered?

While Bolt operates in numerous countries globally, doing business in Cyprus presents some differences compared to Estonia, where Bolt is headquartered. One notable challenge in Cyprus is the restrictive laws and regulations that can limit the flexibility and scope of our operations. For example, certain regulatory frameworks around transportation and food delivery in Cyprus differ significantly from Estonia, posing unique limitations. Despite these challenges, we are dedicated to adapting, overcoming obstacles, and continuing to provide our services while contributing positively to the local market.

What can Cyprus do to improve its offering to international companies and gain a further advantage over other European countries?

Cyprus has great potential to attract more international companies, but achieving this requires greater flexibility from the government, particularly regarding regulatory frameworks that impact innovative industries like ours. Streamlining processes and adopting more adaptable policies for companies in the ridesharing and tech sectors could make a significant impact. By fostering a more business-friendly environment, Cyprus can not only attract global companies but also encourage local innovation, ultimately gaining a competitive edge over other European countries.

Is there anything else you would like to add?

We would like to emphasise that Cyprus has immense potential as a market for innovative services like those offered by Bolt. Its strategic location, increasing demand for modern transportation solutions, and flourishing tourism sector make it an ideal environment for growth and expansion. However, to fully unlock this potential, greater flexibility from the government is essential. Streamlining regulations and adopting policies tailored to the needs of tech and mobility companies will create a more attractive and supportive environment for businesses like ours and for other international companies looking to invest in Cyprus.