SG Bike to exit Singapore market, Anywheel takes over customer base

SG Bike exits Singapore market as license expires on 30 April. Anywheel to take over its customer base starting 21 March.

Yustika21 Mar 2024

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SINGAPORE: Shared bicycle operator SG Bike, currently facing losses, will exit the Singapore market when its license expires on 30 April.

Anywheel, another bike-sharing provider, will take over SG Bike's customer base starting 21 March.

On Thursday (21 Mar), Anywheel and SG Bike issued a joint press release announcing an arrangement enabling all SG Bike users to transfer their current wallet balance to the Anywheel platform.

Starting from 21 March, SG Bike will cease new sign-ups, credit top-ups, and the purchase of passes.

However, SG Bike users can seamlessly continue their shared journeys with Anywheel by converting their existing wallet balance to ride-only credits on the Anywheel platform.

These ride-only credits can only be used for rides and cannot be utilized for the purchase of ride coupons, Anywheel passes, or merchandise.

"This transition will enable users to continue to enjoy the convenience and benefits of bike-sharing seamlessly," they said.

For SG Bike users opting to convert their wallet balance to Anywheel between 21 March and 21 April at https://go.anywheel.sg/sgbike, they will receive complimentary $10 ride-only credits on top of their existing balance.

This offer applies to all SG Bike users with a balance equal to or greater than $0.

The total ride-only credit balance, including complimentary credits, will be reflected on the Anywheel app by 3 May or earlier.

Those SG Bike users who do not wish to convert their wallet balance to Anywheel have the option to opt out of the conversion by 30 April, 11:59 pm via the SG Bike app.

For those who do not opt out, their ride-only credits will automatically transfer to the Anywheel app by 3 May.

During the conversion period, SG Bike appeals to the understanding and cooperation of its users.

As the company bids farewell to the bicycle-sharing market, SG Bike expresses its heartfelt gratitude for the support it has received over the years.

"Users are encouraged to explore the continued convenience of bike-sharing with Anywheel."

SG Bike made its debut in the market back in August 2017, and in November 2019, it acquired the license previously held by the now-defunct Mobike to operate 25,000 bicycles.

However, the company, which downsized its fleet from 5,000 to 1,500 in July 2023, has opted not to extend its license, citing a "strategic shift" in its operations.

Facing significant financial challenges, SG Bike reported accumulated losses of $7.4 million for the financial year ending 30 June 2022, following a previous year's loss of $5.5 million.

A spokesperson emphasized that while it was a tough call to exit the market, SG Bike found itself unable to uphold its initial commitment to providing users with a quality experience.