Lime commits £25 million investment in London amid global record year

Posted: 16 April 2024 | | No comments yet

Following a record-breaking year, Lime’s £25 million investment will enable it to expand its operations and infrastructure in London, enhancing its service reach and operational efficiency to meet increasing demand.

Lime commits £25 million investment in London amid global record year

Credit: Lime

Lime has announced that it has reported significant growth and milestones in its operations for the year 2023. The company’s achievements include increases in gross bookings, adjusted EBITDA and total rides, highlighting its expanding presence and impact in the shared electric vehicle industry.

In 2023, Lime recorded a record gross bookings figure of $616 million, representing a notable 32% increase from the previous year. In addition, the company saw a remarkable increase in adjusted EBITDA, exceeding $90 million, marking a more-than 500% growth compared to 2022. Lime’s success has been further emphasised by completing a record 156 million trips throughout the year, with over 500 million lifetime trips achieved since its inception.

Furthermore, Lime had welcomed 9.2 million new riders in 2023, with over 3.1 million monthly active riders on average. Notably, Lime experienced a surge in its user base, with a peak exceeding 4.3 million riders in July. This heightened demand underscores the increasing popularity of Lime’s e-bikes and e-scooters as sustainable alternatives to traditional car trips.

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Wayne Ting, CEO of Lime, said: “More riders took more rides on our e-bikes and e-scooters than ever before. I’m also heartened by cities’ continued embrace of our zero-emission, two wheeled transportation options as solutions to poor air quality, crippling congestion, inequitable transit services and the existential threat of climate change. On the heels of another record setting year, Lime is poised to continue our growth in 2024, with new vehicle options and plans for expansion to new cities.”

Lime attributes its success to a vertically-integrated approach, encompassing hardware development, software-enabled operations and local government relations. By maintaining these core functions in-house, Lime delivers a reliable, convenient and cost-effective transportation service.

Looking ahead to 2024, Lime is poised for continued growth, with plans to explore new cities, expand business lines, integrate artificial intelligence technologies and introduce new vehicle types. Notably, the company is investing £25 million in London, which includes new hardware deployment and opening a second warehouse in North London. Moreover, the investment also includes an estimated £1 million fund for parking infrastructure to help boroughs build more locations for shared e-bike parking around the city. 

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