Home Startups In brief: SG Bike buys Mobike’s license to operate in Singapore for...

In brief: SG Bike buys Mobike’s license to operate in Singapore for US$1.83M

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Source:KrASIA

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  • Singapore homegrown dockless bike-sharing operator SG Bike has inked a US$1.83 million agreement with Chinese bike-sharing startup Mobike to take over the latter’s license to operate in Singapore.
  • The deal is currently awaiting approval from Singapore’s Land Transport Authority (LTA). 
  • The companies are expecting a response from the LTA by 13 September.
  • Following the completion of the deal and any required systems integration, SG Bike users will be able to unlock both SG Bike and Mobike’s bicycles on the island-state using the SG Bike app. 
  • Existing Mobike users with account balances and ride passes will be able to transfer them to SG Bike.
  • The agreement was reached just as Mobike is readjusting its international strategy.
  • The bike-sharing market in the island state has been harsh to international players with Ofo then Mobike pulling out consecutively.
  • Both companies reportedly shut down their operations in Singapore due to unsustainable business models in the country.
  • Founded in 2017, SG Bike is Singapore’s first homegrown bike-sharing firm. 
  • Prior to the acquisition, SG Bike’s license allowed it to operate a fleet of 3,000 vehicles in Singapore while Mobike, one of the world’s largest bike-sharing companies, was allowed a fleet of 25,000 bicycles.
  • If the deal goes through, SG Bike will become the dominant player in Singapore’s bike-sharing market with a fleet of 28,000 vehicles out of a total pool of 39,000, with Moov and AnyWheel operating 1,000 and 10,000 bicycles respectively.
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Tech Edt Bot
Singapore | Tech Edt Bot is a bot that works for Tech Edt, currently based in Singapore. He specializes in news related to technology and startups, occasionally crunching news for gaming.

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