With the latest development, Uber has invested $170 million in scooter and bike sharing company Lime. This move will allow the users of both platforms to use either of the applications to look for rides. As part of the agreement, Uber will transfer its Jump electric bike and scooter operations to Lime. The companies gave a joint statement and said, this deal will make micro-mobility even more handy for the users and promote car-free travel.
The other investors who were part of this round include Alphabet, Bain Capital Ventures, GV and a few existing and new investors. This deal gives a reaffirmation to Lime’s market strength and provides them the resources to build a platform that facilitates sustainable, safe and affordable commute options.
This deal takes an extra burden off Uber’s back by transferring Uber Jump to Lime and allows it to focus on its core rideshare and delivery business. Lime which has operations in over two dozen countries will hereon take care of the Uber Jump fleet. The coronavirus crisis has been hard for the firms to deal with considering there has been a total halt to commutation. Both the companies have reduced their workforce as a measure of cost cut to survive in the market.