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Havish Gupta
Figuring Out • 6d
How Lime Became the King of E-Bikes So, Lime Bikes was founded by Brad Bao and Toby Sun in January 2017. Their idea was simple! Put a bunch of pedal bikes in an area, creating a better alternative to electric vehicles. Within 3 months, they raised $12 million for this and launched their first location at the University of North Carolina at Greensboro with 125 bicycles. This was an instant hit, and they expanded to multiple cities in the next few months. In 2018, they launched their first set of EV bikes, branded as Lime-E, in San Francisco. Then, within a few months, they received a $335 million funding round at a $1.1 billion valuation. In the same year, they entered the cab industry with 500 cars. However, when the COVID lockdown hit, Lime’s business was severely affected. But despite all that, they managed to achieve profitability that year. And by 2022, Lime bounced back to become the biggest e-scooter sharing company in the world with over 14% market share. Today, Lime is a $2.4 billion company, operating in 30+ countries, generating $686 million in revenue (EBITDA positive).
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