👨🏿🚀TechCabal Daily – sUber migration

In 2016, a group of three young men from Nigeria launched an online platform to trust with their savings. A decade later, their company, Bolt, has paid out over ₦3 trillion ($2.3 billion) to its users. This decade-long journey has seen its fair share of ups and downs, including regulatory shifts, pivots, exits, and many failed companies.

As part of a new series called Class of 2016, TechCabal is taking a closer look at the startups from that era that managed to survive the decade and the people who backed them during the tough times. The series will be published ahead of the Moonshot conference in October.

In other news, Bolt has reported a significant surge in driver registrations on its platform after Uber's exit from Nigeria on September 2. Weekly driver registrations on Bolt's platform have increased by 92%, likely due to two factors. Firstly, gig drivers need to keep earning their daily income, and secondly, Uber's exit left a pool of established drivers looking for another platform with an existing customer base.

Another ride-hailing platform, inDrive, also saw a 96% increase in app installs, citing riders looking for alternatives.

The exit of Uber has already begun reshuffling Nigeria's ride-hailing market, with Bolt picking up many of the drivers left behind. While this is undoubtedly good news for Bolt, it could also mean more drivers competing for the same pool of riders. If rider demand does not grow at the same pace, drivers may have to spend more time looking for customers.