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Uber Rides Into Bike Rental Business

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Ride-hail service company Uber has acquired electric bike-share startup Jump Bikes, thus making its official entry into the dockless bike-sharing space. The company did not disclose any financial details of the deal.

"Today I'm excited to announce we've entered into an agreement to acquire JUMP Bikes, an electric, dockless bike-sharing service we've already been testing in San Francisco. Our hometown pilot is off to a very strong start, with riders enjoying a convenient and environmentally friendly way to cruise up and down our trademark hills," said UBER CEO Dara Khosrowshahi.

This acquisitions is the first merger that Uber has made after the appointment of Dara Khosrowshahi as CEO.

"Our ultimate goal is one we share with cities around the world: making it easier to live without owning a personal car. Achieving that goal ultimately means improving urban life by reducing congestion, pollution and the need for parking spaces," Khosrowshahi said.

Users can locate a nearby Jump bikes and can use it after paying and unlocking it using a smartphone. They can park the bikes anywhere after the use.

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