Lyft Uber European rivals are trying to make money before going public

“Uber will have to demonstrate profit inside the future,” said Bernard Liautaud, managing partner at London-based venture capital firm Balderton Capital, in an interview Tuesday.

European ride-hailing in addition to also carpooling start-ups that will haven’t benefited coming from as much private funding as their U.S. rivals are taking a different tact. Villig said Bolt has spent less than $100 million since the company launched in 2013. This specific currently operates in 30 countries across Europe in addition to also Africa with 25 million users, a number its ambitious CEO hopes to turn into a “billion.”

“Our case has been always very focused on how do we be as frugal as possible with every dollar we spend,” Villig said.

Bolt reached a $1 billion valuation last year, producing This specific one of Europe’s rare tech unicorns. Villig said an IPO is actually “definitely on the table” inside the long-term although confirmed This specific’s unlikely to happen over the next one to two years.

Jochen Engert is actually the founder in addition to also CEO of Flixbus, a German Uber-like start-up that will manages long-distance bus in addition to also coach rides. In an interview with CNBC, Engert said the company should go public “at some point” although added no imminent plans are in place.

Flixbus is actually profitable in more-than-half of the 29 markets where This specific operates, Engert said, adding the company hasn’t “burned that will much cash” compared to U.S. firms like Uber or Lyft.

“Quite a few companies do take too many bets,” he said.

Uber – in addition to also its investors – say the bets will pay off. This specific week This specific acquired Middle Eastern rival Careem for $3.1 billion, a move Uber CEO Dara Khosrowshahi called a “testament to the incredible business our team has worked so hard to build.”

Some start-ups in Europe said they expect more mergers inside the ride-hailing market.

“I think This specific’s just the beginning of a wave of consolidation,” Nicolas Brusson, CEO of French carpooling start-up BlaBlaCar, told CNBC.