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Lime intends to enter the car sharing market

siliconreview Lime intends to enter the car sharing market

Lime, the California-based transport rental company has had an excellent run ever since its conception. Launched in early 2017, it has registered over 11 million scooter and bike rides during its short lifespan and has managed to raise over $450 million in venture capital funding. What’s more is that Lime has managed to achieve the elusive billion dollar evaluation, an accomplishment coveted by everyone, but achieved by a few. But now, after having established a domineering presence in the scooter and bike market, this company, which began with a seemingly simple idea of renting two-wheelers, now wants to enter the car-sharing market.

The cars will be small electric pods, dubbed the “transit pods”, will be added to Lime’s portfolio of services. The company plans to allocate about $50 million in capital initially to roll out the pods, which will cost $1 for booking and an additional 40 cents per minute. In order to fulfill this mission, Lime has brought on board David Richter, the former global head of business and corporate development at Uber. Richter left the ride-hailing giant after being continually frustrated by the scandals and departures of key officials. Lime believes David’s vast experience in the ride-sharing industry will be instrumental in achieving the company’s mission of providing sustainable car sharing for users.

Ride-sharing is now largely being seen as a cheap and convenient alternative for purchasing cars. If more people opt for car sharing, it will have the two-fold benefit of reducing traffic as well as cutting down vehicle emissions, thereby reducing pollution.