Lyft pushes into bikes with new acquisition

A rack of Citi Bikes in Manhattan

But Motivate is under threat from a growing wave of so-called dockless bike and scooter companies whose customers can leave vehicles on practically any sidewalk for the next person to pick up.

"Lyft and Motivate have both been committed for years to the same goal of reducing the need for personal vehicle ownership by providing reliable and affordable ways to move around our cities", Lyft co-founder and President John Zimmer said in a statement. The Brooklyn, N.Y. -based company's bike maintenance operations will stay as a standalone business under the current brand.

Lyft Inc. said on Monday it would buy bike-share operator Motivate as the ride-hailing company tries to fend off competition arising from rival Uber Technologies Inc.'s purchase of electric cycle-sharing startup JUMP Bikes in April.

Lyft tied the acquisition to its recent Green Cities Initiative, a company effort to at least nominally support ecologically friendly transport. It will continue to provide service to bike-share programs.

More news: Alexis Sanchez reveals why he wants Belgium to win World Cup

Motivate runs New York's Citi Bike, Chicago's Divvy, Washington D.C.'s Capital Bikeshare, and other services in major USA cities.

"Together, we believe that integrating our services in partnership with the public sector will transform the urban transportation landscape, increase bike ridership, and make our cities better", Motivate Executive Chairman Steve Koch said in Lyft's press release.

As both Lyft and Uber applied for electric scooter permits in San Francisco last month, both appear ready to incorporate options for things like bikes and electric scooters into their smartphone apps. Citi Bike's May 2018 operating report said it brought in $6.5 million in total revenue - $4.6 million (roughly Rs. 31.5 crores) in membership and other fees and $1.8 million (roughly Rs. 13 crores) in sponsorship money.

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