Don't miss key details from the Mueller report. Sign up for Axios AM.

Stories

Two Latin American scooter startups merge

Illustration of a scooter painted on a road
Illustration: Caresse Haaser/Axios

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.

Read more toggle
Show less
Go deeper132 Words
  • 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.

electric scooters