In today’s fast-paced world, micromobility companies have been facing numerous challenges such as bankruptcy, shutdowns, and layoffs. However, amidst the chaos, a Seoul-based shared e-scooters and e-bikes operator called Gbike is looking to beat the odds by going public on the Korean stock market and exploring potential acquisitions.
In an exclusive interview with TechCrunch, Walter Yoon, CEO and founder of Gbike, shared the startup’s plans for acquisitions in the micromobility industry as a strategy to increase its market share before its anticipated initial public offering in early 2025. Yoon stated, “We are currently in discussions for partnerships with around three to five companies, although the details have not been finalized yet.”
Last year, Gbike further strengthened its technological capabilities by acquiring a local micromobility platform, ZET, from Hyundai Motor for an undisclosed amount.
“We improved the profitability through deep vertical integration from logistics and operations to manufacturing,” Yoon told TechCrunch. He also mentioned that Gbike posted an EBITDA of $40 million and revenue of $13.7 million in 2022, making it profitable compared to its global competitors. The startup expects to see a 25% increase in revenue, reaching $50 million in 2023, with 30% of EBITDA and 10% of EBIT.
Among Gbike’s unique features is its ability to produce its own e-scooters, e-bikes, and batteries. Additionally, unlike its competitors who outsource the field operators, Gbike has a full-time, integrated operation team that effectively communicates between field operators and IT developers for better performance.
In May of last year, Gbike launched its own-developed e-bikes and currently operates a fleet of 35,000 in South Korea. It also boasts a fleet of 100,000 electric scooters and serves 3.4 million users in the country. In addition, Gbike has also introduced its own battery, which can be used not only for e-bikes but also for e-wheelchairs, e-strollers, e-scooters, and e-mopeds. With a total of 160,000 rechargeable batteries, approximately 50,000 are utilized daily.
Gbike continues to invest in international markets, having recently launched its electric mobility service in Bangkok and Phuket, Thailand. Plans are also in place to expand to Vietnam in the first quarter of this year. Though the startup’s primary focus is South Korea and Southeast Asia, it has made its way to the U.S. market, launching in Memphis, Tennessee, in July and in LA and Guam in December. When asked about navigating the challenging micromobility market in the U.S., Yoon shared that they are learning and adapting to the market’s unique characteristics.
Currently, Gbike operates a fleet of 2,000 e-scooters in both Thailand and the U.S. Yoon’s goal for the year is for Gbike to turn a profit in Southeast Asia and the U.S. The startup, which had 230 employees in February of last year, has seen a 34.7% increase in staff, with a current total of 310 employees as of December.
