Chinese Start-Up Mobike Envisions Future Growth

Chinese Start-Up Mobike Envisions Future Growth

Mobike, a Chinese-based bike sharing service, uses Internet of Things (IoT) to provide convenient urban trips.

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Mobike, a Chinese-based bike sharing service, uses Internet of Things (IoT) to provide convenient urban trips.

The company launched last April by offering a bike share program without storage docks, meaning that users can pick up and leave a bike at their own convenience. After downloading the App and registering, users have to scan the QR code on the bike. They can top up their in-App wallets anytime within the app.

Despite the initial skepticism among investors and suppliers, Mobike realized almost three million trips by the end of 2016. Additionally, the company managed to secure $928 million from investors in just two years. The funding has helped them expand their services and turn into a leading player on the market.

Speaking at the Web Summit conference in Lisbon, co-founder and CTO Joe Xia, reportedly said as quoted by Wired:

“It became more of a lifestyle in the city, rather than just a boring bike-sharing service.”, adding that Mobike is considering acquisition opportunities outside of China.

As Xia said, the company`s fast growth has impressed investors, and therefore it is important to keep momentum going. For example, Mobike envisions an expansion beyond simple bikes to electric ones, and electric cars. According to the company`s co-founder and CTO, Mobike plans to offer more products to be introduced on the Chinese market in the next three months.

It is to be seen how the start-up will accelerate in the future. For now, it can be said that it definitely holds a promise to disrupt the industry. As Xia reportedly commented: “No matter what no business we bring to the customer, it’s definitely going to be different.”

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