Gbike, a South Korea-based micromobility Gcooter operator, wants to increase its market share and create technological synergies through the acquisition of the shared micromobility sharing platform of ZET.
The deal, which is Gbike's first acquisition, will be completed in August. The terms of the deal were not made public.
According to an interview with TechCrunch, South Korea's consolidations appear to start in the shared micromobility industry. The startup is in talks with another company to acquire after being approached by potential buyers.
The time may be right for consolidation in the e-scooter industry. We're open to any other opportunities.
The ZET team won't join Gbike's team and will stay atHyundai. The startup now has a total vehicle size of over 40,000. Gbike, which added a fleet of 20,000 e-scooters last year, will acquire ZET's fleet of less than 1000 e-scooters.
Anyone can start a micro mobility business with the ZET platform. South Korea's major cities include Daegu and Incheon. ZET is similar to a micromobility franchise platform that makes it easier for people to start their own businesses.
Many e-scooter companies were forced to close or suspend operations last year because of South Korea's revised regulation, which requires e-scooter users to wear a helmet and have a valid driver's license and be 16 years or older.
There are over 50,000 e-scooters in South Korea's capital city. Several e-scooter companies have stopped operations in South Korea in the last few months. Rider compliance issues like parking and congestion were caused by the lack of a request-for-proposal system which selects a few outstanding operators in each city.
Mirae Asset Venture Investment is one of the funders of Gbike.
Lime suspends operations in South Korea due to “chaotic scooter environment”
Singapore-based micromobility startup Beam secures $93M Series B, enters new markets
All Rights Reserved © 2024
