oBike

About oBike

oBike was a Singapore-registered company that operated a stationless bicycle-sharing system. It was founded in 2017 by business partners Shi Yi and Edward Chen. The company aimed to provide a convenient and eco-friendly solution for short-distance urban travel. The service was accessed through a smartphone app that allowed users to locate and unlock bikes by scanning a QR code. The free-floating model meant bikes could be picked up and left anywhere, not just at designated docking stations.

The company's primary revenue stream came from user rental fees, typically charged in 30-minute increments, and a mandatory user deposit. oBike experienced a period of rapid growth, expanding into approximately 24 countries within its first year, including Australia, Malaysia, the United Kingdom, and several European nations. To fuel this expansion, oBike secured US$45 million in a Series B funding round in August 2017, with investors including Grishin Robotics and Grab. In an effort to localize operations and improve service management, oBike launched a Global Business Partnership Programme (GBPP), a franchise-like model where local businesses could manage fleets in specific areas on a revenue-sharing basis.

As part of its strategy, oBike ventured into the technology space by partnering with blockchain platform Tron to launch its own cryptocurrency, oCoins, in early 2018. The concept allowed users to earn oCoins as they rode, which could then be used to pay for rides or on other applications within the Tron ecosystem. The company also briefly launched oBike Flash, a two-hour crowdsourced delivery service in Singapore, utilizing its user base as delivery personnel. Despite its initial expansion and diversification efforts, oBike faced significant operational challenges. Issues included widespread vandalism, bikes being discarded improperly in public spaces, and regulatory hurdles. In June 2018, citing difficulties in complying with new, stricter regulations from Singapore's Land Transport Authority, oBike ceased operations in its home market. This was followed by the parent company filing for insolvency, leading to a cascade of service shutdowns in other international markets and significant controversy over unrefunded customer deposits.