Dubai’s Careem acquires bikeshare company Cyacle

Dubai-based ridesharing app Careem has acquired UAE bikeshare service Cyacle, it announced on Tuesday.

The value of the deal was not disclosed.

Launched in December 2014, Cyacle is a fully-automated docked bikeshare service currently operating in Abu Dhabi. A total of 50 docked bikeshare stations run 24-hours a day via an app, a touch screen kiosk and docking system that releases bikes using a ride code or a member key.

The company charges Dhs20 for a daily pass and Dhs50 for a three-day pass. Users can access the bikes on unlimited rides of up to 60 minutes each. Cyacle also offers a monthly membership for Dhs99 and a yearly membership for Dhs499.

Following the acquisition, the new Cyacle app will be available for iOS and Android, initially as a standalone Careem app, that can be accessed via the main Careem app.

Users can access the bikes via app or physically at one of the smart docking stations with credit and debit cards, and the service will offer bikes through a range of daily to yearly memberships.

Careem’s co-founder Magnus Olsson said: “This deal means Careem will be able to improve micro-mobility in the region and simplify one of the most important mobility issues – the first and last mile problem.

“Many journeys are relatively short in distance, including those to and from transportation hubs such as metro and bus stations, so increasing bicycle availability and expanding routes will transform how people commute, as well as offering micro-mobility solutions for short-distance trips.”

Hani Akasha, the Emirati founder of Cyacle added, “The startup scene in the UAE is now such a fast-moving tech environment, and this just proves what we can do in this country.”

Careem said the acquisition is part of its overall strategy to offer “complete mobility solutions, affordable transportation and first- and last-mile mobility”.

The company plans to bring micro-mobility to more cities throughout the region over the next 12 months, it said in a statement.

Careem, which operates in 15 countries, was recently acquired by Uber for $3.1bn.

As part of the deal signed, the company will continue to operate as an independent platform.

Read: Uber confirms Careem acquisition for $3.1bn