Lime pledges £25m London investment after record growth
E-scooter start-up Lime has pledged to invest millions more in London after a record setting year for ride numbers and bookings.
Some 156m trips were taken on Lime’s e-bikes and scooters in 2023, with more than 9.2m new riders using the platform and a doubling of usage in over 42 of its cities.
Gross bookings jumped 32 per cent to $616m (£487m), helping full-year EBITDA reach in excess of $90m, a more-than 500 per cent year-on-year increase.
“Last year marked a watershed moment for Lime and the shared electric vehicle industry,” said Wayne Ting, chief executive.
“We achieved significant growth in our gross bookings and Adjusted EBITDA. This is a strong affirmation that our team is building a resilient business capable of achieving our long-term mission. More riders took more rides on our e-bikes and e-scooters than ever before.
“On the heels of another record setting year, Lime is poised to continue our growth in 2024, with new vehicle options and plans for expansion to new cities.”
Off the back of the announcement, Lime pledged to invest around £25m in London over 2024 to expand its e-bike fleet.
The investment may prick the ears of London’s embattled equity markets, as Ting speculated in an interview with Morning Wire last year that an IPO may not be a too distant prospect.
Lime operates via contract with TfL in 16 London boroughs. The firm said today it had plans to sign a further three borough agreements in the first half of the year, just as its rival Dott departs the capital for Europe.
The bumper performance comes despite a myriad of challenges in the micromobility industry. Many of the key players have struggled to match Lime in turning a profit in recent years after surging onto the scene, backed by venture capital financing.
Bird, the e-scooter rental pioneer which is well known for becoming the fastest startup to secure a fabled “unicorn” valuation, filed for bankruptcy in December.