China based e-commerce platform has announced plans to acquire major bike sharing service Mobike.
Mobike will be added to Meituan’s fast growing transportation one-stop service platform which includes ride-hailing, car-sharing, and autonomous vehicles.
Once the transaction is complete Mobike will continue to operate as a stand-alone brand.
Mobike’s founding team including CEO Davis Wang will continue to lead the company.
"We’re excited to include Mobike as part of our range of local service transportation offerings. With its leading technology in the bike-sharing industry, Mobike has created unique value for its customers in their daily commute," said Meitun CEO Xing Wang, who will become chairman of Mobike.
Meitun rolled out its ride hailing services last year in Nanjing and recently expanded to Shanghai.
Mobike is a pioneer in smart bike-sharing and has developed the most advanced technology in our industry globally. We are excited to join forces with Meituan," said Davis Wang, CEO and co-founder of Mobike.
