Singapore’s Goldbell to acquire electric vehicle car-sharing startup BlueSG

Singapore’s Goldbell announced its proposed acquisition of BlueSG, an electric vehicle (EV) car-sharing startup, which is expected to be completed before August this year and will accelerate the next phase of growth for BlueSG.

Photo credit: BlueSG

The Singapore-based car-sharing firm was founded in 2017 as part of the EV car-sharing pilot program, which was launched by the Singapore Economic Development Board and Land Transport Authority.

In the last three years, the startup said it has gained a fleet of more than 650 EVs and garnered 1.7 million rentals and 100,000 subscriptions.

Before the deal is completed, BlueSG’s operations will still be managed by French transportation company Bollore Group.

Goldbell, which leases and distributes commercial and industrial vehicles, aims to build a business model that can expand across the Asia-Pacific region. And over the next five years, the company will invest more than S$70 million (US$52.3 million) in developing its business and technical capabilities, which includes injecting new vehicles into its fleet and establishing a research and development center, among others.

The company has also launched a global accelerator program, Move.SG, to incubate startups in the area of mobility, transport, and logistics with the support of Enterprise Singapore under the Startup SG Accelerator initiative.

Currency converted from Singapore dollar to US dollar: US$1 = S$1.34.