Friday, December 15th 2017 at 11:38AM GMT
Dockless bike-sharing started to boom in China three years ago and has started to boom in Europe and the USA. Now the market is taking off in India, with a slew of well-financed start-ups. Like in China, the start-ups tend to have technology and mobility backgrounds. For instance, Pedal has been piggybacked from Ola, India’s rival to the Uber taxi service. And Yulu was founded by billion-dollar startup InMobi, an ad-tech company.
Yulu’s Amit Gupta – co-founder of InMobi – estmates that the global dockless bike-sharing sector has now attracted up to $10bn in venture capital investment, and he believes Indian start-ups will be worth $1bn within three to four years.
Ola and Yulu’s bikes are made in India, boosting the country’s economy.
Other start-ups include Mobycy, and PEDL from car-sharing service Zoomcar, the strapline for which says “ride a funky bike at dirt cheap prices!” Mobycy has attracted angel investment of $500,000 and is hoping to roll-out 50,000 bikes in Indian cities within the next six months.
“The [dockless bike-sharing] model is highly scalable,” said Zoomcar CEO Greg Moran, “so there’s no ups or down in the number of cities. In any city with over 100,000 people this makes sense, in India that’s about 200 cities, so that’s attainable.”