Lime Scooters Charges Towards IPO: Uber-Backed Startup Hits $686M Revenue and Cash Flow Positivity

Lime, the electric bike and scooter rental startup backed by Uber, is gearing up for a U.S. initial public offering (IPO) next year, with Goldman Sachs and JPMorgan Chase leading the charge. Founded in 2017, Lime has expanded its operations to over 280 cities across nearly 30 countries, revolutionizing urban mobility with its short-term rentals for electric bikes and scooters.

Record-Breaking Performance

In a remarkable turnaround for the micromobility sector, Lime reported a 32% increase in net revenue, reaching $686 million in 2024. The company also achieved free cash flow positivity for the second consecutive year, a rare milestone in an industry known for its financial volatility.

CEO's Vision

Wayne Ting, Lime's CEO, hailed 2024 as an "exceptional year," highlighting the company's record profits and expanded global footprint. "We're just scratching the surface of micromobility's potential to transform cities and better connect people," Ting remarked, underscoring the company's ambitious growth trajectory.

IPO Momentum

Lime's potential IPO comes amid a resurgence in the U.S. public listing market, which has seen a 45% increase in capital raised compared to the previous year. This move could set a new benchmark for investor confidence in the micromobility space, especially following the struggles of competitors like Bird.

Uber's Backing

Distinguishing itself from peers, Lime boasts significant investment from Uber, which led a funding round in 2020 valuing the startup at $510 million. This backing positions Lime as a standout contender in the race to dominate the future of urban transportation.