South Korean micro-travel startup Gbike may acquire rivals ahead of IPO in 2025

While micromobility companies around the world have been struggling and encountering challenges such as Bankruptcy, closure and layoffsa Seoul-based shared e-scooter and e-bike operator named get up It is preparing to list on the Korean stock market and is reviewing acquisition targets.

In an exclusive interview with TechCrunch, Gbike CEO and founder Walter Yoon said the startup is currently negotiating acquisitions in the micromobility industry to increase its market share ahead of an initial public offering planned for early 2025. “Details have not yet been fleshed out, but we are currently considering about three to five acquisition targets,” Yoon said, adding that the company has not yet decided how many acquisitions it will complete.

Gbike acquires a local micromobility platform called ZET Hyundai made an undisclosed amount last year to enhance its technological synergies.

The startup recently closed a Series C round of financing of approximately $9.1 million, equivalent to 11.9 billion won, in the form of convertible notes, bringing the total funding raised since its inception in 2017 to $21 million.

The seven-year-old startup has touted its profitability, contrasting with its global peers. Yoon said that Gbike’s EBITDA in 2022 will be US$40 million and revenue will be US$13.7 million. The startup expects to generate approximately $50 million in revenue by 2023, growing 25% annually, accounting for 30% of EBITDA and 10% of EBIT in 2023.

“We have improved profitability through deep vertical integration from logistics, operations to manufacturing,” Yoon told TechCrunch. “Based on this fully integrated capability, we have developed a vision to innovate the micromobility ecosystem through batteries[swapping] infrastructure. This vision resonated with investors. ”

The seven-year-old company launched its battery-swapping station program two years ago. Last month, the company partnered with South Korean battery swap infrastructure operator Zentropy to build the first battery swap station in South Korea this year. It aims to have 4,000 charging stations across the country by 2030.After achieving financial sustainability through swappable battery infrastructurethe company will allow other private personal mobility manufacturers to adopt Gbike’s battery systems in their vehicles.

Yoon mentioned 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. In addition to this, Gbike’s full-time integrated operations team is another advantage, unlike its peers who outsource field operators (picking up bikes and delivering batteries), which helps startups streamline their transition from field operators to IT developers communication channels to better explain Yin.

Gbike launched its self-developed e-bikes in May last year and currently operates 35,000 e-bikes. It has 100,000 electric scooters and 3.4 million users in South Korea. Last year, the company also launched its own batteries, not just for e-bikes, but also for electric wheelchairs, electric strollers, electric scooters and electric mopeds. Gbike has 160,000 rechargeable batteries and says it uses about 50,000 batteries every day.

The startup continues to invest in international markets. The company launched electric travel services in Bangkok and Phuket, Thailand, in March and October respectively. In the first quarter of this year, Gbike plans to launch services in Vietnam. While the startup’s main focus markets are South Korea and Southeast Asia, it is testing the U.S. market. It launched in Memphis, Tennessee, in July, and in Los Angeles and Guam in December. Asked how it is navigating the turbulent micromobility market in the U.S., Yin said the company is testing and learning new markets that are completely different from the ones it has been operating in.

The company operates a fleet of 2,000 e-scooters in Thailand and a fleet of 2,000 e-scooters in the United States. Yolon said that this year Gbike’s goal is to achieve profitability in Southeast Asia and the United States

As of December, Gbike had 310 employees, an increase of 34.7% from 230 in February last year.

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