While micromobility companies around the globe have been in limbo and hitting snags like bankruptcyshutdown and layoffs, a Seoul-based shared e-scooters and e-bikes operator called Gbike is gearing up to go public on the Korean stock market and is reviewing acquisition targets. 

In an interview that is exclusive For Millionaires, Walter Yoon, CEO and president of Gbike, stated the startup happens to be in speaks for purchases into the micromobility business to improve its share of the market before its planned preliminary community providing, targeting very early 2025. “Details haven’t been materialized however, but we’re presently looking at around 3 to 5 goals to get,” Yoon stated, incorporating it will complete that it has not decided how many acquisitions. 

Gbike acquired a micromobility that is local called ZET from Hyundai engine for an undisclosed quantity this past year to bolster its technical synergies. 

The startup recently sealed its Series C, around $9.1 million, equal to 11.9 billion KRW, in the shape of a note that is convertible which brings its total raised to $21 million since its inception in 2017. 

The seven-year-old startup boasted its profitability in stark contrast to its global peers. Gbike posted an EBITDA of $40 million and revenue of $13.7 million in 2022, Yoon said. The startup expects to generate around $50 million in revenue, a 25% increase on year, in 2023, with 30% of EBITDA and 10% of EBIT in 2023 year. 

“We improved the profitability through deep integration that is vertical logistics and operations to manufacturing,” Yoon told For Millionaires. “Based on this capability that is fully integrated we lay out our eyesight to innovate the micromobility ecosystem through battery-[swapping] infrastructure. And Also This sight resonated with people.” 

The seven-year-old organization started its battery-swapping section task couple of years ago. Last thirty days, the business partnered with Zentrophy, a Korean battery-swapping infrastructure operator, to create its very first battery-swapping place in Southern Korea this present year. This has the aspiration to create 4,000 programs over the national country by 2030. The company will allow other privately owned personal mobility manufacturers to adopt Gbike’s battery system for their vehicles after becoming financially sustainable with the swappable battery infrastructure. 

One for the items that put Gbike aside from its rivals is its power to develop its vehicles that are own e-scooters, e-bikes and batteries, Yoon mentioned. The communication channel from field operators to IT developers for better performance, Yoon explained on top of that, unlike peers that outsource the field operators, who pick up vehicles and deliver batteries, Gbike’s full-time, integrated operation team is its other differentiator, which helps the startup streamline. 

Gbike established its own-developed e-bikes in might year that is last now operates a fleet of 35,000 e-bikes. It has a fleet of 100,000 scooters that are electric 3.4 million people in Southern Korea. This past year, in addition revealed its battery that is own to not just e-bikes, but also e-wheelchairs, e-strollers, e-scooters and e-mopeds. Gbike, which has 160,000 batteries that are rechargeable claims around 50,000 battery packs are increasingly being utilized daily. 

The startup goes on assets in intercontinental areas. It established the mobility that is electric in Bangkok and Phuket, Thailand, in March and October, respectively. In the quarter that is first of 12 months, Gbike promises to introduce its solution in Vietnam. Though the startup’s focus that is primary are South Korea and Southeast Asia, it is testing the U.S. market. It launched in Memphis, Tennessee, in and LA and Guam in December july. Whenever requested exactly how it may complete the micromobility that is turbulent in the U.S., Yoon said it is testing and learning the new market that is totally different from the markets in which it has been operating. 

The company operates a fleet of 2,000 e-scooters in Thailand and another fleet of 2,000 e-scooters in the U.S. Yoon said this year’s goal for Gbike is turning into profit-making in Southeast Asia and the U.S. 

Gbike has 310 staff as of December, up 34.7% from 230 in February year that is last.