Qeebike

About Qeebike

Qeebike, operating under its parent company Hangzhou Qiji Technology Co., Ltd., is a player in the urban mobility market, specializing in electric bicycle sharing services. Founded in October 2016 and headquartered in Hangzhou, China, the company has established itself as a significant operator in the micro-mobility sector. The leadership team brings a wealth of relevant experience; CEO Zhou Kunpeng was the founder of 59store, CTO Yang Chunlei was a co-founder of electric car company Xpeng, and the company's president is QIN Zhi, the former CEO of Autohome.com.

The company's core business revolves around an online rental platform for its fleet of electric bicycles, designed to solve the "last 2-5 kilometers" transportation problem in urban environments. Users access the service via a mobile application, available on both Android and iOS, as well as through platforms like Alipay and WeChat. The process is straightforward: users locate a nearby e-bike, unlock it using a QR code, and are then billed for the usage, which is approximately 3 RMB per hour. By the end of 2024, Qeebike reported having served over 40 million users across more than 200 cities in China, accumulating over 720 million kilometers in operational distance.

Qeebike's business model incorporates several key operational strategies. A distinctive feature is its distributed network of battery-swapping cabinets, which contrasts with the centralized charging warehouse model used by many competitors. This approach aims to reduce operational costs and ensure a higher availability of charged bikes, with the company reporting that less than 1% of its fleet has low power at any given time. Furthermore, the company utilizes electric fence technology, requiring users to return bikes to designated areas, which helps manage fleet distribution and comply with municipal regulations. The e-bikes themselves are designed to meet national safety standards, with features like a 20km/h speed limit and CQC-certified batteries. The company has successfully raised a total of $20M in funding over multiple rounds, with its Series A+ round in August 2018 raising $10 million, led by Kymco Capital and including investors like IDG Capital and Sunwoda Electronic.