Careem acquires Abu Dhabi bike-sharing firm Cyacle
Careem has acquired UAE-based bike-sharing company Cyacle, the company said on Tuesday.
Cyacle, which began operations in 2014 with backing from the Khalifa Fund for Enterprise Development, has 50 bike-share stations in Abu Dhabi.
The financial terms of the deal were not disclosed.
“Many journeys are relatively short in distance, including those to and from transportation hubs such as metro and bus stations,” said Magnus Olsson, Careem co-founder and CEO.
“So, increasing bicycle availability and expanding routes will transform how people commute, as well as offering micro-availability solutions for short-distance trips,” he added.
In a January report, McKinsey said that over $5.7bn has been invested into the micro-mobility sector since 2015, which it attributes to the growth of urban consumers who have experience with ride-hailing companies such as Uber.
As part of the agreement between Careem and Cynacle, a new app will be made available to users through iOS and Android. Users will be able to use the new app, Careem’s app or take a bike from a docking station with a credit and debit card.
“It’s exciting to be taking micro-mobility to the next level becoming an integral part of life in the capital, and now with Careem involved it will accelerate the service and improve the lives of so many more people in the region,” Cyacle CEO Sami Amin said.
Earlier this year, Dubai’s Roads and Transport Authority announced it was collaborating with Careem to launch a similar service in Dubai that will operate over 3,000 bicycles across hundreds of stations.