Previously, Singapore is Lime’s Asia-Pacific headquarters. Yet, now, you will not see Lime scooters again, in Singapore. Lime is an Uber-backed scooter startup. Lime withdraws from Singapore license. It runs shared personal mobility services in the country over the short term.
This announcement comes months after Uber partly left Singapore. Uber has sold its local business to Grab.
Lime’s head operation says that the company is now reprioritizing its effort. It aims to meet fast-growing and strong demand for micro-mobility around the globe.
Also read: Singapore Chipmakers caught in US-China Trade War
Sandbox License
Sandbox License is Singaporean government regulation. The regulation enables companies to test innovative technology products and services within clean boundaries. Besides, Sandbox allows companies to invest in innovative projects for a period of time.
Singapore sandbox license should have given Lime the ability to pilot programs for its e-scooter business. However, Lime withdraws the application for this license. Consequently, we won’t see scooters from the company in that market.
Get To Know Lime
Lime’s is Neutron Holdings, Inc. business. It is a transportation company based in the United States of America. Lime runs electric scooters, electric bikes, normal pedal bike, and car-sharing systems. It operates in various cities across the world.
Its growth has been impressive. Lima has secured $765 million in known funding. If we compare with Singapore based scooter startup, it has only raised $6.4 million in known funding. Beside, Lime has raised $310 million in venture capital earlier this year.
Lime has previously picked Singapore as its Asia Pacific Headquarter. It considered Singapore high economic growth and a high adoption rate of mobility devices. However, physical presence, despite abandoning the market, will continue through its corporate team.
Also read: Leading Blockchain Projects and Startups in Singapore
Besides, Lime, another scooter startup Bird will raise a round valuing the firm comfortably above $2 billion. Moreover, last month, scooter startup Bird bought scooter startup Skip.
In conclusion, scooters are booming, consolidating, and now, reprioritizing. Yet, Lime withdraws from Singapore license.
