- General
- July 5, 2018
- 3 minutes read
After Meituan acquisition, Mobike makes new moves to win Market Share
image credit : Mobike Chinese bike-sharing startup Mobike notably started 3 years ago and known for its widely used bike-sharing…
image credit : Mobike
Chinese bike-sharing startup Mobike notably started 3 years ago and known for its widely used bike-sharing services in 16 countries for the company which was acquired this April by Chinese startup Meituan Dianping in a deal worth $3.4 Billion having racked up over 200 million global users has now made major pushes for its bike-sharing service in a bid to win more customers and gain market share in the bike-sharing industry.
Mobike will now be doing away with the requirement of deposits by its users before its bike-sharing service is used and is also adding electric bikes to its fleet in a bid to provide a better experience for and win more customers.
Mobike’s service required a deposit of $45 by each user before access is granted but with this new move, The Beijing based startup will now stop the mandatory requirement of this deposit as it also makes refunds totalling to about $150 million deposits back to its customers.
This decision comes after Mobike previously began testing this move and observed it led to an increase in the number of users who pay for its bike-sharing services and is now making a global roll-out of this initiative in order to gain more users and increase its market share as the company thrives under Meituan Dianping which is earmarked to go public very soon at a $60 Billion valuation.
With Mobike currently having over 200 million users of which a majority are in China and also counting over 8 million bikes amongst its fleet, The company stands to compete with other bike-sharing startups including Ofo which has raised a huge $2.2 Billion in total for its service and HelloBike which has raised a total of $1.5 Billion for its bike-sharing service, All this in just the span of 4 years.
Mobike in addition also has unveiled a recycling program which will see all parts of its enormous bike fleet recycled into new vehicles or other materials in a bid to avoid pollution and protect the environment whilst providing its bike-sharing services.
