binarypublishTLDR:
– Seoul-based micromobility startup Gbike is preparing for an IPO on the Korean stock market in early 2025 and is considering acquiring competitors to increase its market share before going public.
– Gbike has already achieved profitability, reporting an EBITDA of $40 million and revenue of $13.7 million in 2022, and aims to generate $50 million in revenue in 2023.
Gbike, a micromobility operator based in Seoul, is gearing up to go public on the Korean stock market and is considering acquiring competitors to boost its market share before the anticipated IPO in early 2025. In an exclusive interview with TechCrunch, Gbike CEO and founder Walter Yoon revealed that the company is currently in talks for acquisitions in the micromobility industry, with plans to acquire around three to five targets. Gbike has already achieved profitability, reporting an EBITDA of $40 million and revenue of $13.7 million in 2022. The company expects to generate approximately $50 million in revenue in 2023, representing a 25% year-on-year increase. Gbike’s profitability is attributed to its deep vertical integration, covering logistics, operations, and manufacturing. The company’s vision to innovate the micromobility ecosystem through battery-swapping infrastructure has resonated with investors. Gbike aims to build 4,000 battery-swapping stations across South Korea by 2030 and plans to offer its battery system to other personal mobility manufacturers after achieving financial sustainability. Gbike differentiates itself from competitors by building its own vehicles, including e-scooters, e-bikes, and batteries. The company also has a full-time, integrated operation team to streamline communication channels for better performance. Gbike currently operates a fleet of 35,000 e-bikes and 100,000 electric scooters, with 3.4 million users in South Korea. The company has also expanded internationally, launching its electric mobility service in Bangkok and Phuket, Thailand, and plans to enter the Vietnamese market in early 2023. Gbike is also testing the US market with operations in Memphis, Tennessee, Los Angeles, and Guam. The company aims to achieve profitability in Southeast Asia and the US in 2024.
