Uber to acquire Jump Bikes, an electric bike rental service

10 April, 2018, 18:58 | Author: Darnell Patrick
  • Uber has run into huge opposition from taxi companies and other competitors who accuse it of dodging costly regulations

Most famous for its ride-sharing taxi service, Uber has diversified into virtually every automotive-based industry imaginable, from self-driving cars to freight trucks and flying taxis to food deliveries. A company spokesperson told BuzzFeed News Uber was not disclosing the terms of the deal, though a TechCrunch report put the acquisition in the neighborhood of about $200 million.

Jump founder Ryan Rzepecki first got the idea for his bike-sharing company while studying for his master's degree in urban planning at Hunter College. Instead of relying on special bike racks, JUMP bikes - which are bright red and feature an electric motor for pedal assist - can be dropped off and locked up anywhere.

Currently, JUMP is the only dockless bike sharing company that's permitted to operate in San Francisco, and for the moment that operation is relatively small in scale. "As our new CEO has said, it is appropriate to regulate services such as Uber and so we will continue the dialogue with cities across Europe".

Why it happened: Uber says it's "committed to bringing together multiple modes of transportation" so that its customers "can choose the fastest or most affordable way" to get around.

Even as Uber is backing away from some worldwide markets, the Jump acquisition shows the company is still willing to invest in new ways to reach customers. Over the last nine months, Uber rewrote its corporate values, became more conciliatory with regulators, and settled a trade secrets lawsuit with driverless vehicle competitor Waymo. Because they are dockless, they can be left at any public bike rack, eliminating a lot of the infrastructure cost other bike-share companies incur, and their location is tracked via Global Positioning System. Riders pay $2 for 30 minutes of use.


The service will now operate within Uber, allowing users to reserve one of the nearby bikes, before they are given a code to unlock it and begin riding. Khosrowshahi added that the data Uber collects from its ride-hailing network will enable the company to optimize where bicycles are placed for the sake of improving utilization. "Just tap the "bike" option in the app's menu located at the top left corner of the home screen", Uber's instructions read.

The deal signals the ride-hailing giant's intent to expand its focus beyond cars to other forms of transportation.

After launching earlier this year, Jump has seen immediate success, with each of its 250 bikes in San Francisco averaging four trips of 4.2km each day in February.

Uber has announced its purchase of bike-sharing platform Jump, which offers users access to electric bikes.

Fewer people are driving public transportation in the United States of America, as stated by research, even since commuters shift to ride-hailing solutions such as Uber and Lyft.

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