South Korean e-scooter firm Gbike acquires Hyundai Motor’s micromobility platform ZET  – TechCrunch

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Gbike, a South Korea-based micromobility Gcooter operator, is buying Hyundai Motor’s shared micromobility sharing platform ZET because it desires to extend its market share and create technological synergies by way of ZET’s fleet administration system. 

Gbike CEO Walter Yoon advised TechCrunch that the deal, which is its first acquisition, might be accomplished in early August. The monetary phrases of the deal weren’t disclosed. 

South Korea’s consolidations seem to start out within the shared micromobility business after many e-scooter gamers jumped into the sector in 2019, Yoon stated in an interview with TechCrunch. Gbike has been approached by potential patrons to be acquired whereas the startup was on the lookout for acquisition targets itself, Yoon stated, including that it’s in talks with one other firm to amass.

“This yr may be the time for consolidation [in the e-scooter industry],” Yoon stated. “We’re very open to another alternative.”

The ZET workforce is not going to be a part of Gbike’s workforce and can stay at Hyundai, Yoon famous. The acquisition brings the startup’s whole automobile dimension as much as about 45,000. (Gbike, which added a fleet of 20,000 e-scooters final yr, will purchase ZET’s fleet of fewer than 1,000 e-scooters.)  

In 2019, Hyundai launched the ZET platform that permits anybody to start out a micromobility enterprise of their cities. ZET operates its service in South Korea’s main cities, together with Jeju, Daegu and Incheon. Yoon defined that ZET is sort of a micromobility franchise platform, making it simpler for franchisees to launch their very own enterprise. 

Yoon identified that many e-scooter corporations suspended or closed final yr due to South Korea’s revised regulation, which took impact in Could 2021, that requires e-scooter customers to put on a helmet and have a sound driver’s license and be 16 years or older. 

Greater than 20 e-scooter rental startups are working over 50,000 e-scooters in Seoul, South Korea’s capital. A number of e-scooter corporations, like Lime, Wind Mobility, Neuron and native corporations have shut down their operations in South Korea prior to now few months. Regulatory shortfalls within the nation, like the shortage of a request-for-proposal (RFP) system, which selects just a few excellent operators in every metropolis to ship the very best micromobility companies, precipitated rider compliance points like parking and congestion. 

Gbike has raised a complete of $10 million from traders, together with Mirae Asset Enterprise Funding, Sturdy Ventures and SBI Funding.

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