As global micromobility firms face challenges, South Korea’s Gbike stands out, preparing to go public on the Korean stock market while scouting acquisitions to solidify its market presence. The CEO, Walter Yoon, disclosed the company’s ambitions in an exclusive interview with TechCrunch.
Gbike aims for an IPO in early 2025 and is actively considering acquiring three to five targets within the micromobility sector to bolster its market share. Having previously acquired ZET from Hyundai Motor, the startup is focused on technological synergies and enhancing its market position.
Funding and Financial Performance:
The recent closure of Gbike’s Series C funding, securing $9.1 million, adds to its total raised capital of $21 million since its establishment in 2017.
The company has demonstrated profitability, posting an EBITDA of $40 million and $13.7 million in revenue in 2022, showcasing a stark contrast to its global counterparts.
Gbike’s strategic vision revolves around battery-swapping infrastructure, leading to a partnership with Zentrophy to establish 4,000 stations in South Korea by 2030. This infrastructure will be open for other personal mobility manufacturers, driving the company towards financial sustainability.
Unique Business Model and Differentiation:
Setting itself apart, Gbike has in-house capabilities to manufacture vehicles and batteries and operate a full-time integrated team.
These distinctions enable better communication channels between field operators and IT developers, ensuring efficient performance.
With a fleet of 35,000 e-bikes, 100,000 electric scooters, and 3.4 million users in South Korea, Gbike has expanded its operations to Thailand and the U.S. and plans to enter Vietnam this year. The company focuses primarily on South Korea and Southeast Asia, but it’s exploring the U.S. market.
Staff Growth and Profit Goals:
Gbike’s workforce has grown to 310 employees since December, marking a 34.7% increase from February last year. This year’s goal includes achieving profitability in Southeast Asia and the U.S., aligning with its expansion plans.