Careem acquires Abu Dhabi's Cyacle bike-share company
Source: The National
Careem has acquired UAE-based bike-sharing company Cyacle for an undisclosed sum as the ride-hailing company makes its first foray into "micro-mobility" - an increasingly popular service providing easy access to scooter and bike rentals in urban areas.
“Many journeys are relatively short in distance, including those to and from transportation hubs such as metro and bus stations," Magnus Olsson, Careem’s chief executive and co-founder, said. "So increasing bicycle availability and expanding routes will transform how people commute, as well as offering micro-mobility solutions for short-distance trips.”
The venture has 50 docked bike-share stations throughout the emirate, which run 24-hours a day through an app, a touch screen kiosk and docking system that releases bikes using a ride code or a member key, according to its website. The company charges Dh20 for a day pass of unlimited rides of up to 60 minutes each, or Dh50 for three-day access to its bikes.
More than $5.7 billion has been poured into micro-mobility by investors since 2015, growing two to three times faster than either car sharing or ride hailing, according to McKinsey. In just a few years, micro-mobility start-ups like Bird and Lime - US-based operators of electric-powered bicycles and scooters in cities across North America and Europe - have reached valuations exceeding $1bn.
