Seoul-based micromobility operator Gbike is gearing up for an initial public offering (IPO) on the Korean stock market in early 2025. While many micromobility companies globally face challenges such as bankruptcy and layoffs, Gbike stands out with its plans for expansion and acquisitions in the industry. The startup, which recently closed its Series C funding round at $9.1 million, is in talks for acquisitions to boost its market share before going public. Gbike, profitable in contrast to some global peers, reported an EBITDA of $40 million and revenue of $13.7 million in 2022. It aims to generate around $50 million in revenue in 2023.
Gbike’s acquisition strategy aligns with its goal of deep vertical integration, covering logistics, operations, and manufacturing. The company has already acquired a local micromobility platform, ZET, from Hyundai Motor. Additionally, Gbike has been working on a battery-swapping station project, partnering with Zentrophy to build its first station in South Korea and aiming to establish 4,000 stations across the country by 2030. The company’s innovative approach and focus on sustainable practices have resonated with investors, making it a standout player in the evolving micromobility ecosystem.
The success of Gbike’s battery-swapping infrastructure project could lead to broader adoption, as the company plans to allow other personal mobility manufacturers to use its battery system for their vehicles. This strategic move aligns with Gbike’s vision to innovate the micromobility ecosystem through sustainable and efficient practices, resonating positively with investors and setting it apart in a rapidly evolving industry.