Topics
belated
AI
Amazon
Image Credits:GCOO / Gbike
Apps
Biotech & Health
mood
Image Credits:GCOO / Gbike
Cloud Computing
Commerce
Crypto
Enterprise
EVs
Fintech
fund-raise
contraption
Gaming
Government & Policy
computer hardware
layoff
Media & Entertainment
Meta
Microsoft
seclusion
Robotics
Security
Social
quad
startup
TikTok
Transportation
Venture
More from TechCrunch
effect
Startup Battlefield
StrictlyVC
Podcasts
Videos
Partner Content
TechCrunch Brand Studio
Crunchboard
touch Us
While micromobility companies around the Earth have been in oblivion and pip snag likebankruptcy , shutdownandlayoffs , a Seoul - based shared e - scooters and Es - bikes hustler calledGbikeis gear up to go public on the Korean stock marketplace and is retrospect skill targets .
In an single interview with TechCrunch , Walter Yoon , CEO and founder of Gbike , said the startup is currently in talks for acquisitions in the micromobility manufacture to increase its market share before its planned initial public offering , aim for early 2025.“Details have not been materialized yet , but we ’re currently looking at around three to five targets to acquire , ” Yoon said , tot that it has not decide how many skill it will complete .
Gbike acquired a local micromobility platform called ZET fromHyundai Motor for an unrevealed amount last yearto bolster up its technical synergy .
The inauguration recently closed its Series C , around $ 9.1 million , tantamount to 11.9 billion KRW , in the class of a transmutable note , which brings its total raised to $ 21 million since its inception in 2017 .
The seven - year - older startup tout its profitability in stark demarcation to its global peers . Gbike posted an Earnings Before Interest Taxes Depreciation and Amortization of $ 13.7 million and revenue of $ 40 million in 2022 , Yoon said . The inauguration expects to generate around $ 50 million in receipts , a 25 % increase yr on year , in 2023 , with 30 % of EBITDA and 10 % of EBIT in 2023 .
“ We improved the gainfulness through mysterious upright consolidation from logistics and operations to manufacturing , ” Yoon secernate TechCrunch . “ Based on this fully integrated potentiality , we set out our sight to innovate the micromobility ecosystem through battery-[swapping ] base . And this vision vibrate with investors . ”
The company broach its barrage - switch post project two long time ago . Last calendar month , the company partner with Zentrophy , a Korean barrage - swop infrastructure operator , to build up its first battery - swapping station in South Korea this year . It has the ambitiousness to build 4,000 stations across the nation by 2030 . After becoming financially sustainable with the swappable battery substructure , the company will tolerate other privately owned personal mobility manufacturers to adopt Gbike ’s battery system of rules for their vehicles .
Join us at TechCrunch Sessions: AI
Exhibit at TechCrunch Sessions: AI
One of the things that set Gbike apart from its competitors is its potentiality to build its own vehicle — e - scooters , e - bikes and batteries , Yoon mention . On top of that , unlike peers that outsource the field hustler , who pick up vehicles and surrender batteries , Gbike ’s full - metre , integrated military operation squad is its other differentiator , which helps the startup streamline the communication television channel from field of operation operators to IT developers for near performance , Yoon explained .
Gbike set up its own - acquire east - bikes in May last year and now operates a fleet of 35,000 e - bikes . It has a fleet of 100,000 galvanizing scooters and 3.4 million users in South Korea . Last class , it also unveiled its own barrage fire to conform to not just due east - bicycle , but also e - wheelchair , e - stroller , e - scooters and eastward - mopeds . Gbike , which has 160,000 rechargeable batteries , says around 50,000 batteries are being used daily .
The startup continues investments in international food market . It found the electric mobility serving in Bangkok and Phuket , Thailand , in March and October , respectively . In the first quarter of this yr , Gbike mean to launch its inspection and repair in Vietnam . Though the startup ’s principal focus markets are South Korea and Southeast Asia , it is testing the U.S. market . It launched in Memphis , Tennessee , in July and LA and Guam in December . When ask how it could get through the turbulent micromobility market in the U.S. , Yoon said it is test and learning the new food market that is totally unlike from the markets in which it has been operating .
The company maneuver a fleet of 2,000 e - scooters in Thailand and another fleet of 2,000 vitamin E - scooters in the U.S. Yoon said this year ’s goal for Gbike is turning into profit - making in Southeast Asia and the U.S.
Gbike has 310 stave as of December , up 34.7 % from 230 in February last year .
This article has been update to correct revenue and EBITDA .
