Uber's European rival, Bolt, launches in London

Uber's European rival, Bolt, is now taking it out on the streets of London.

The Estonian taxi company, formerly known as Taxify, announced Tuesday its launch in the UK capital. He joins a growing list of start-ups trying to conquer Uber's market share in the London metropolitan area.

"We see this as something quite monumental for the company and the amusement ride industry," said Markus Villig, General Manager of Bolt, CNBC. "London is one of the largest and most profitable markets for Uber in the world and a market on which it has not had a serious competitor."

Villig, who founded the company in 2013, said more than 20,000 drivers had already signed with Bolt before Tuesday's launch. According to the Ministry of Transport, there were approximately 87,900 private rental vehicles registered in London in March 2018.

Bolt is present in 30 countries and 100 cities with 25 million customers worldwide. The Estonian company reached a value of $ 1 billion last year by entering an exclusive club of European technology unicorns. Villig said Bolt convinced drivers and passengers with reduced fees and commissions in Europe and Africa.

"We are focusing on the markets where Uber had a monopoly, and then we come with a much better offer for drivers," he said.

Bolt charges a commission of 15% of drivers per trip, which allows drivers to earn more than 10% more on average compared to other platforms. Last month, Uber drivers from London went on strike to ask the company to reduce its commissions by 25% to 15%.

Uber was released last month with a valuation of nearly $ 80 billion. The stock's performance has been volatile since then, as investors try to determine if – and when – the company will make a profit. Uber announced a net loss of $ 1.01 billion in the first quarter of 2019.

London dealt a heavy blow to Uber when city regulators revoked its license in the city in 2017, citing a "lack of corporate responsibility". Uber appealed the decision and obtained a 15-month license with terms and conditions.

Villig said it was "more than a year" to Bolt to receive his license in London. Passengers will be able to request travel via the Bolt app from Tuesday morning.