Bike-sharing services might be the hottest thing since chilli sauce in Singapore, but it’s apparently not the same over in China.
According to Cnet, China’s third largest service Bluegogo is having some funding issues.
In fact, some employees in its main offices have even been retrenched.
No refund of deposits
Reporters from Chinese publication The Paper turned up at an empty office in Beijing, and discovered that the company owed 2 million yuan ($300,000) in office rental.
Worst part? They seem incapable of refunding deposits, according to online conversations on Weibo.
But China’s bike-sharing service scene is not dead yet
With Bluegogo’s seemingly imminent departure from the scene, Ofo and Mobike are predicted to dominate China’s bike-sharing market for years to come. In fact, they are said to already be in talks for a merger with China’s Uber, Didi.
This move will allow for them to raise prices, as well as decrease the number of bikes for a larger profit margin.
What now?
Seeing how Bluegogo operates mainly in China, it’s unlikely that the development will affect any other countries.
Yet you can’t help but wonder:
Will there come a day when your own deposit can’t be refunded?
Scary thought, but it’s definitely one to think about.
Because here’s the even more shocking fact: Bluegogo was established in November 2016. That meant it has lived for less than a year before its demise.
Seems like this industry isn’t a growing one after all, no?
Since you’re here, why not watch a video about an NTU student who went all out to impress his crush, only to end up in…tragedy? Here, watch it and do remember to share it (and also subscribe to Goody Feed YouTube channel)!
This article was first published on goodyfeed.com
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Featured image: Bluegogo
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