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When I was at the National University of Singapore a few years ago, I saw GrabWheels e-scooters all over campus. Students who didn’t feel like walking or squeezing onto the crowded internal shuttle buses would use these vehicles to get around.
They did seem like a decent alternative mode of transportation, especially for distances that were a little too far to traverse on foot or too short for a car drive.
Of course, e-scooters are no longer a thing in Singapore, as the government banned their use on pedestrian footpaths and sidewalks in 2020. Consequently, many mobility startups in the city-state had to turn their attention to other markets, and some of them, such as Neuron Mobility, appear to be doing all right.
Today we look at:
- Neuron Mobility’s 2021 numbers
- Bangladesh-based Agrotech’s latest fundraise
- Other newsy highlights such as alleged forced resignations at Byju’s and the launch of a blockchain for gamers
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Scooting to success
Image credit: Timmy Loen
Singapore-based Neuron Mobility may not be operating in its hometown anymore, but it’s doing pretty well overseas. The company saw its revenue rise by more than 2.3x in 2021 to US$20.1 million, a growth attributed to its expansion to 22 cities, up from seven cities in 2020.
- A tactical approach: Neuron Mobility plans to grow its revenue by venturing into markets with high barriers to entry, partnering with cities in regulated markets like Australia and Canada to operate services on a more predictable and long-term basis. These cities often have higher disposable incomes and better infrastructure to support e-scooter use.
- Revenue’s up, but so are losses: While Neuron Mobility’s revenue has grown, operating loss nearly doubled in 2021 to US$13.6 million, much larger than just over 50% a year earlier. This is likely due to its increase in expenses.
- On the topic of expenses: The firm’s expenses went up more than 2x to US$33.4 million in 2021, primarily because administrative expenses had nearly doubled. Meanwhile, cost of sales jumped by over 2.5x in 2021. Still, Neuron Mobility seems to have a healthy cash balance: Its cash and cash equivalents rose by over 50% in 2021 to US$22.5 million.
Read more: Neuron Mobility’s revenue doubles but losses widen
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