Lime commits to £25m investment in London following record-setting year

Lime has achieved a consecutive record year in global gross bookings, Adjusted EBITDA1 and total rides, building on a record-setting 2022.

The year reflected Lime’s continued emergence in the shared electric vehicle industry and positions it for long-term sustainability.

Lime provides shared e-bikes and e-scooters in 280 cities in nearly 30 countries as it continues its mission to decarbonize transportation globally and serve as an alternative to car trips.

Key 2023 global highlights include:

• Gross Bookings record of $616 million, a 32% increase over 2022
• Full-year positive EBITDA, and Adjusted EBITDA in excess of $90 million, a more-than 500% increase over 2022
• Completed a record 156 million trips in 2023 (about five trips every second for the entire year), while surpassing 500 million lifetime trips
• More than 42 cities saw trips double year over year
• 9.2 million new riders took their first Lime ride in 2023,
• Over 3.1 million monthly riders active on average, with a peak surpassing 4.3 million in July
• Won over 90% of competitive permits

“Last year marked a watershed moment for Lime and the shared electric vehicle industry,” said Wayne Ting, CEO of Lime.

“We achieved significant growth in our gross bookings and Adjusted EBITDA. This is a strong affirmation that our team is building a resilient business capable of achieving our long-term mission. More riders took more rides on our e-bikes and e-scooters than ever before.

“I’m also heartened by cities’ continued embrace of our zero-emission, two wheeled transportation options as solutions to poor air quality, crippling congestion, inequitable transit services and the existential threat of climate change. On the heels of another record setting year, Lime is poised to continue our growth in 2024, with new vehicle options and plans for expansion to new cities.”

Lime achieved this breakthrough as a result of its vertically-integrated approach across three key areas: hardware development, software-enabled operations and local government relations.

Keeping these core functions in-house enables Lime to deliver a differentiated experience for its riders and city partners.

Lime’s ability to drive significant financial growth is a major step forward in achieving its mission to build a future where transportation is shared, affordable and carbon-free.

As Lime continues to prove the viability of operating shared bikes and scooters as a business, this milestone unlocks opportunities to consider what comes next.

To continue toward its mission in 2024, Lime plans to explore new cities and business lines, expand AI-integrations into its business, launch a new vehicle type, and deepen its presence in existing cities.

Part of Lime’s global success can be attributed to its record growth in London, which reached new heights last year as one of the business’ leading markets.

In 2023 the business secured e-bike contracts with seven additional London boroughs in a sign of industry longevity.

It has now entered into contracts with almost half of London’s boroughs (16 total), with the expansion signalling a positive move as it expands its service zone to help more residents in the city to access shared e-bikes. Lime plans to sign a further three borough agreements in H1 2024.

As a result of this growth and increasing demand, the business is announcing plans to invest an estimated £25 million in London in 2024.

The new investment includes new hardware as it expands into new Boroughs, and the opening of its new, second warehouse in April. Located in North London, it will be the first time Lime’s operations span two locations, and will operate alongside Lime’s current South London warehouse to improve Lime’s overall operational efficiency and better serve riders as its footprint expands across the city.

The opening of Lime’s second warehouse will double the headcount of its operational workforce in 2024, helping create new jobs too.

As part of its wider efforts to tackle parking in London, the investment also includes an estimated £1 million fund for parking infrastructure to help boroughs build more locations for shared e-bike parking around the city.

Demand for shared e-bikes has been increasing at a rate that exceeds the current space available to park, leading to overcrowded parking areas.

Lime’s parking infrastructure fund aims to help local authorities tackle these infrastructure shortages, while continuing to meet active travel goals, and can be accessed by all boroughs where Lime operates.