Shared e-scooters aren’t just gaining popularity in the United States; they’re hitting the streets of China, too. Recognizing the possibility that some people just don’t want to pedal that last mile, China’s transportation startup Hellobike is setting up a 1 billion yuan ($145 million) joint venture with Alibaba’s financial affiliate Ant Financial and battery maker CATL to provide battery-swapping services for scooters.
That’s according to an announcement from Hellobike on Wednesday, though it did not specify individual shares of the three partners.
Hellobike, backed by Ant Financial, has evolved from a bike sharing service into a one-stop app to include ride-hailing and other transportation means. That puts it in competition with car-hailing leader Didi Chuxing and Mobike, the bike sharing service now owned by Meituan