BlaBlaCar has announced that it has received a revolving credit line of 100 million euros This will strengthen its growth ambitions and reaffirm its position as a leader in the global ride-sharing market. Furthermore, it managed to be profitable for 24 months.
This announcement marks a new phase of profitable growth for BlaBlaCar, which further consolidates its multimodal strategy and reduces the carbon footprint of travel by 2 million tons of CO2 in 2023, they explain in a statement. The aim is therefore to expand BlaBlaCar’s multimodal strategy, which combines multiple forms of shared transport with the broad coverage of its shared vehicle network.Carpooling in the 21 countries in which the company operates.
«This €100 million financing will enable us to pursue an ambitious growth strategy, including mergers and acquisitions, where we are currently exploring several opportunities. Combined with continuous innovation, mergers and acquisitions are a tool that allows us to achieve market leadership more quickly“, has explained Nicolas Brusson, co-founder and CEO of BlaBlaCar.
This model has already been implemented in France through the acquisition of Ouibus in 2019 and led to the creation of the BlaBlaCar bus network across Western Europe. In parallel, BlaBlaCar was able to lead the sector’s offline-online transition in Eastern Europe and Brazil through the acquisition of Busfor and the development of its own bus marketplace.
Results 2023
The company has emphasized that this round of financing is through a “solid 2023 for the company“, provided that”Last year alone, 80 million passengers booked a bus or car sharing trip with BlaBlaCar«.
BlaBlaCar recorded sales of 253 million euros in 2023, 29% more than last year, and for the first time the company was profitable for 24 months and ended 2023 with a positive gross operating profit (Ebitda), enabling the start of a new phase of profitable growth. «These solid financial results are the result of the continued monetization of new car sharing markets and the restructuring of the bus business in Western Europe“, the company stated.
Additionally, BlaBlaCar explained that it is benefiting from the current situation as high energy prices, along with growing awareness of the climate crisis, have sparked increasing interest among travelers in the company’s affordable shared mobility solutions.This shows the countercyclical nature of its services«.
«Going forward, achieving profitable growth is a fundamental principle of how we work. This milestone demonstrates BlaBlaCar’s maturity and financial stability. However, we must remain cautious: there is still a long way to go to make travel more social and sustainable. This step allows us to pursue our mission with confidence. Today it allows us to finance new projects, promote new ideas and explore new acquisitions.”assured Nicolas Brusson.
2 million tons of CO2 saved in 2023
At the same time, the company emphasized that this growing activity is also having an increasingly positive impact on mobility around the world. «By optimizing empty seats in cars and buses and encouraging ride-sharing, BlaBlaCar has helped reduce the carbon footprint of travel by 2 million tons of CO2 in 2023 alone‘ they explained.
To this end, the authorities are also developing a series of mechanisms to support the introduction of shared mobility: from a specific plan for car sharing in France to energy saving certificates in European countries, including Spain.
«With these measures, governments recognize that car sharing is an effective, specific and immediate solution to our current and future challenges. It’s clearer than ever that we need to change our commuting habits to limit our spending, reduce our dependence on fossil fuels and reduce our carbon footprint. Shared mobility is part of the solution: BlaBlaCar has provided and will continue to provide this vision to everyone, individuals, companies, governments and other stakeholders in the transition to more sustainable and inclusive mobility.« concluded Nicolas Brusson.