Bike-sharing firms on “sad retreat”

Singapore Business Review

… Financial difficulties in its home market may have prompted Mobike to rethink its global ambitions, said Yunming Wang, venture partner at Quest Ventures. An earlier report from TechCrunch revealed that Mobike reportedly laid off its entire Asia-Pacific operations team as part of its efforts to trim down its regional presence and focus on its Chinese operations.

“The Singapore bike-sharing scene is now dead. Where there was untidiness on the streets, there was however last-mile convenience. With the industry all but dead, the streets are now tidy but the convenience is gone,” said Wang, referring to the indiscriminate parking of shared bikes in Singapore which could be traced as the source of Ofo’s woes.

“For an industry that was widely hailed as one of modern China’s four great inventions – the others being high-speed rail, Alipay and e-commerce – this is a sad retreat and has important lessons for startups to learn,” he added.

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