Uber made a partnership with JUMP for launching Uber bike for enabling Uber users to book JUMP bikes using the Uber app. So, Uber’s acquisition of JUMP is not really surprising. Uber acquires bike-share startup JUMP. The amount of money is unknown, but source says that its final price close to $200 million. Following the report of TechCrunch about JUMP in contact of Uber and investors for raising funds involving Sequoia Capital’s Mike Mortiz. At that time, JUMP observed a sale that exceeded $100 million. Now, the final price is heard to be around $200 million according to one source close to the situation.
Talking to TechCrunch over the phone, JUMP CEO Ryan Rzepecki said that JUMP’s decision to sell to Uber brought an ability to realize the bike share company’s vision quickly and at a large scale. Uber CEO Dara Khosrowshahi’s leadership also impacted his decision. Rzepecki spent a couple of evenings with him and this had a great impact on Rzepecki’s thinking. After talking for the business through his and their vision, he noticed a lot of alignment. This improved his vision for the business. He noticed that Uber faced a lot of problems in 2017. But now, confident Uber is on the right track.
Uber is on the right way
According to Rzepecki, Uber is completely on the right way and has an approach similar to theirs, working with cities and vision for associating with cities. Thus, Rzepecki considers Uber’s mission aligning to theirs’. Spending some time with Khosrowshahi was really important for him as he wants to do the things the right way. He was able to bring his entire vision to the entire world through this. Khosrowshahi, Talking to TechCrunch over the phone said that Uber’s ultimate vision is to become a top urban mobility platform. Urbanization leads to increasing number of people living in cities, which further requires broader arrangement of mobility options working for both customers and cities. Uber wants to provide most affordable and most convenient way to help the customers get from A to B. As a part of acquisition, JUMP employees will join Uber’s team but the bike-sharing company will continue to function independently as a subsidiary.
JUMP is popular for operating dockless, pedal-assit bikes. You can lock JUMP’s bikes legally to the sidewalks. Bikes also come with locks for security purpose. Uber is trying to become a multi-modal platform and so is done by its international competitors. Ola, which is an Indian based ride-hailing startup, also expanded to bikes in December 2017. Uber will look for and consider all the options that move in the direction that is city friendly.