Lime, an electric scooter startup from the US, that’s been operating in Singapore since November 2018, today signed a Memorandum of Understanding (MoU) with a partner of Singapore’s Land Transport Authority (LTA).
The signing of the MoU brings Lime onboard Singapore’s Safe Riding Programme (SRP), called “Asian Detours”. It’s a nation-level educational initiative by the LTA to equip cyclists and personal mobility devices (PMD) users with the required knowledge and skills – from respecting regulations, appreciating other pedestrians to being cognizant of one’s personal competency – to co-exist with other commuters.
The LTA launched the initiative following an influx of bicycles and electric scooters as last-mile options in Singapore. Founded in January 2017, Lime is one of several other shared electric scooter firms that have emerged over the past two years. It rose rapidly to reach unicorn status at a valuation of US$1.1 billion last July and now has presences in more than 125 markets globally.
Currently, SRP is fully funded by the LTA and participation is free for a limited time. This move will see Lime collaborating with Asian Detours to spur participation rates. Some examples include adding Asian Detours in the Lime App to encourage participation, and supplying electric scooters whenever necessary to facilitate Asian Detours safety roadshows and briefings.
Just like Singaporean Neuron Mobility, Lime also produces its electric scooters in-house and is in the midst of developing a new electric scooter model that meets the new LTA standards.
Lime has booked 20 million rides to date and is fast becoming a popular choice for last-mile transportation for urban residents. According to the company, 39% of their urban users have used the electric scooter services during their most recent trip.
Just about a week ago, according to Bloomberg, Lime was said to be looking to raise new funding, but at a lower valuation than before. This might be due to increasing competition as other non-traditional players are moving into this space. Some examples include Uber and Lyft.
IslamicMarkets unites the global Islamic economy on one single platform: Startup StoriesIslamicMarkets unites the global Islamic economy on one single platform: Startup Stories
Lee Swee Lin of PichaEats on helping Malaysia’s refugees: Startup StoriesLee Swee Lin of PichaEats on helping Malaysia’s refugees: Startup Stories
How Alibaba.com is turning SMEs into multinationals (Part 2 of 2)How Alibaba.com is turning SMEs into multinationals (Part 2 of 2)
Indonesian agritech: complicated, but promisingIndonesian agritech: complicated, but promising
One of a kind: Early StageOne of a kind: Early Stage