Two Latin American scooter startups merge
Two Latin American scooter rental startups, Grin in Mexico and Ride in Brazil, have merged and will operate under the Grin brand.
Why it matters: Just as happened in the ride-hailing industry, scooter (and bike) rental companies will likely consolidate as the global competition keeps intensifying.
- This merger comes on the heels of Grin's closing $45 million in new funding, led by Delivery Hero founder Lukasz Gadowski, with Shasta Ventures, DCM Ventures and existing investors also participating.
- Grin recently also inked a partnership with Rappi, a Latin American on-demand delivery service. Rappi users will be able to rent Grin scooters via the former's app.
- Still, Grin will have to compete with other local rivals. Brazil's Yellow, for example, recently raised $63 million in new funding. American companies Lime and Bird also have ambitions in the region.
Flashback: The ride-hailing industry saw some consolidation in the form of global companies acquiring local players as a way to expand their presence in the region. In other cases, they sold their regional operations to the local top company.