As the previous reports suggested, Careem has acquired a UAE-based bike-sharing startup Cyacle to expand into micromobility, the company announced today, without disclosing the financial details of acquisition.
Launched in 2014, Cyacle is a fully-automated docked bike-sharing service that’s currently operational in Abu Dhabi. Its stations run 24 hours a day through a mobile app, a touch screen kiosk and a docking system that releases bike using a ride code or a member key.
Careem will be launching a new standalone app for iOS and Android to enable users to access the service. The users will also be able to access the bikes at docking stations even without the app by paying with credit or debit cards. The service, per statement, will be offered through a range of daily to yearly memberships.
Careem’s co-founder and CXO and Magnus Olsson, commenting on the occasion, said, “This deal means Careem will be able to improve micro-mobility in the region and simplify one of the most important mobility issues – the first and last mile problem. Many journeys are relatively short in distance, including those to and from transportation hubs such as metro and bus stations, so increasing bicycle availability and expanding routes will transform how people commute, as well as offering micro-mobility solutions for short-distance trips.”
Hani Akasha, the Emirati founder of Cyacle added, “The startup scene in the UAE is now such a fast-moving tech environment, and this just proves what we can do in this country.”
Sami Amin, CEO of Cyacle, said, “It’s exciting to be taking micro-mobility to the next level becoming an integral part of life in the capital, and with Careem now involved it will accelerate the service and improve the lives of so many more people in the region.”
RTA Dubai, a little over a month ago had announced that it is partnering with Careem to launch an app-based bike rental service in Dubai that will operate 3,500 bicycles across 350 stations in Dubai.
“Regional governments are investing heavily in cycling infrastructure and the promotion of cycling as a healthy, sustainable and affordable mode of transportation. Careem will work closely with local government and communities across the region to invest in bikeshare service in support of their micro-mobility goals,” the company said in its statement today, adding that bikeshare is a natural extension of Careem’s vision to improve mobility, sustainability, and affordability in the region.
The Dubai-based company that (itself) is (also) being acquired by Uber for $3.1 billion also said that its acquisition of Cyacle is part of Careem’s overall platform strategy to offer complete mobility solutions, affordable transportation and first and last mile mobility.
Careem plans to expand its micro-mobility solutions to more cities across the region over the next 12 months.
- ZoodPay acquires Pakistani consumer lending fintech Tez - May 23, 2022
- Colabs raises $3 million seed to make it easy for entrepreneurs and freelancers to build and grow businesses in Pakistan - March 30, 2022
- FlapKap – A fintech revolutionizing e-commerce and SAAS growth in MEA – Launches and completes $1.2 Million fundraise - March 23, 2022