While small transport companies around the world were in a state of limbo and faced obstacles such as bankruptcy, close And Layoffscontact the Seoul-based e-scooters and shared e-bikes operator GPIC The company is preparing to go public on the Korean Stock Exchange and is reviewing acquisition targets.
In an exclusive interview with TechCrunch, Walter Yuen, CEO and founder of Gbike, said the startup is currently in talks about acquisitions in the micromobility industry to increase its market share ahead of its planned IPO, which is aiming for early 2025. “The details have not yet been fleshed out, but we are currently looking at about three to five acquisition targets,” Yoon said, adding that it has not decided how many acquisitions it will complete.
Gbike acquired a local micromobility platform called ZET from Hyundai Motor for an undisclosed sum last year To enhance their technological synergies.
The startup recently closed its Series C, with approximately $9.1 million, equivalent to KRW 11.9 billion, in convertible notes, bringing the total amount raised to $21 million since its inception in 2017.
The seven-year-old startup boasted its profitability in stark contrast to its global peers. Yoon said Gbike posted EBITDA of $40 million and revenue of $13.7 million in 2022. The startup expects to generate revenue of about $50 million, an increase of 25% year-over-year, in 2023, with 30 % of EBITDA and 10% of EBITDA in 2023.
“We have improved profitability through deep vertical integration from logistics and operations to manufacturing,” Yoon told TechCrunch. “Based on this fully integrated capability, we set out our vision to innovate the micromobility ecosystem through batteries—[swapping] infrastructure. This vision resonated with investors.
The seven-year-old company started the battery swap station project two years ago. Last month, the company partnered with Zentrophy, a Korean battery swapping infrastructure operator, to build the first battery swapping station in South Korea this year. It has an ambition to build 4,000 stations across the country by 2030. Having become financially sustainable through swappable battery infrastructure.the company will allow other privately owned personal mobility manufacturers to adopt the Gbike battery system for their vehicles.
Yoon stated that one of the things that sets Gbike apart from its competitors is its ability to build its own vehicles — e-scooters, e-bikes and batteries. Moreover, unlike their peers who outsource to field operators, who pick up the vehicles and deliver the batteries, Gbike’s full-time integrated operation team is what sets it apart, helping the startup streamline the communication channel from field operators to IT developers for the better. Yoon explained that the performance.
Gbike launched its own upgraded e-bikes in May last year and now operates a fleet of 35,000 e-bikes. It has a fleet of 100,000 electric motorcycles and 3.4 million users in South Korea. Last year, it also unveiled its own battery that fits not only e-bikes, but also e-wheelchairs, strollers, e-scooters and e-scooters. Gbike, which has 160,000 rechargeable batteries, says about 50,000 batteries are used daily.
The startup continues investments in international markets. The electric mobility service was launched in Bangkok and Phuket, Thailand, in March and October, respectively. In the first quarter of this year, Gbike intends to launch its service in Vietnam. Although the startup’s focus markets are South Korea and Southeast Asia, it is also testing the US market. It was launched in Memphis, Tennessee in July and Los Angeles and Guam in December. When asked how she is navigating the turbulent micromobility market in the US, Yoon said she is experiencing and learning a new market that is very different from the ones she was working in.
The company operates a fleet of 2,000 e-scooters in Thailand and another fleet of 2,000 e-scooters in the United States. Gbike’s goal this year is to turn profitable in Southeast Asia and the United States, Yoon said.
Gbike has 310 employees as of December, up 34.7% from 230 employees in February of last year.