A Lime investor predicts only 2 or 3 scooter players will win after COVID-19, meaning there's going to be a major crunch in Europe
Scooter startups are at a crossroads with COVID-19 and potential capital scarcity forcing an increased focus on sustainability and careful use of cash.
"The move towards efficiency is happening irrespective of COVID-19," Paul Asel, managing partner at NGP Capital and an investor in Lime, told Business Insider in an interview. Scooter startups have been growing rapidly in Europe in recent years amid growing appetite for alternative urban transport options. That shift is set to as cities re-open from coronavirus lockdowns, and the public tries to avoid the scrum of buses, trams, and metros.
"The move towards efficiency is happening irrespective of COVID-19," Asel said in an interview with Business Insider. "The Uber/Lime deal showed that this market is a natural duopoly, having so many operators per city is a money-losing exercise which causes consumer confusion." Operators will be glued to the results of tender processes in Paris and Lyon, which will be announced in the coming weeks. The market could experience new mergers off the back of those results, depending on which operators are successful, according to Noa Khamallah, a former executive at Lime and Voi. , and subsequently cut many of its former competitors' staff as well as some 420 of its own months later to help streamline the business.
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