MyNextCar Raises $10M to Boost Bolt Lite Expansion in South Africa

South African vehicle leasing startup MyNextCar (MNC) has secured $10 million in its first institutional funding round. The capital injection is set to fuel the rollout of 1,500 new vehicles, primarily Bajaj Bikes for Bolt Lite, the budget ride-hailing service operated by Bolt.

Lerato Motsoeneng, senior general manager at Bolt South Africa, said: “This is more than just a funding round, it’s a vote of confidence in a model that is helping reshape South African transport by offering accessibility and affordability through the Bolt Lite category. We are excited for the road ahead as we work with MNC and our partners to build an inclusive, affordable, and sustainable mobility ecosystem.”

MNC, which currently enables over 700 drivers, has drawn attention for its impact-driven approach. Nearly half of its drivers are under 35, and 4% are women. By offering access to affordable, fuel-efficient vehicles, the company lowers the barrier to entry for individuals locked out of traditional vehicle financing, an issue that continues to stifle economic mobility across the continent.

However, Bolt Lite’s expansion has faced resistance from traditional taxi operators and regulatory authorities, including vehicle impoundments and driver harassment. Yet, the new funding suggests investors are betting on the long-term viability of asset-light, tech-enabled transport solutions.

For Emso, which previously backed vehicle-financing firm Moove, and for E2 Investments, which targets ventures tackling youth unemployment, MNC represents a tangible intersection of impact and innovation.

“This funding isn’t just about adding cars, it’s about changing lives. At MyNextCar, we’re committed to creating opportunities that empower South Africans to drive their own success stories,” MNC spokesperson.

The round was led by London-based Emso Asset Management, with participation from Bolt, Assemble Capital, and E2 Investments.