On Tuesday, ride hailing service provider Bolt stated, it has raised $109 million (100 million euros) from London-based investment firm Naya Capital Management in a deal which values the company at 1.7 billion euros.

Bolt said, it will use the funds to further increase its market share in a sector deeply affected by the coronavirus pandemic. The lockdowns of cities across nations have kept customers indoors. Ride hailing service providers including Uber, Ola and Lyft have cut thousands of jobs to preserve cash.

“In the next 12-18 months we have an opportunity to win market share,” said Bolt founder and Chief Executive Markus Villig. “Even though the crisis has temporarily changed how we move, the long-term trends that drive on-demand mobility such as declining personal car ownership or the shift towards greener transportation continue to grow”.

Bolt’s services include the rental of scooters as well as food delivery.

Bolt has expanded its food delivery business to 15 countries, up from four, during this year, following a surge in demand.

“It has multiplied. If you look at countries, from 4 to 15, the deliveries have grown faster,” said Villig.