Published on July 17th, 2018 | by Daniel Sherman Fernandez

Obike….Oh No!

The founder of the rental bike provider Obike has just admitted economic difficulties, but rejects statements about his business withdrawal from Germany. “We actually have financial problems,” said entrepreneur Shi Yi last week. But they are working on a solution and will continue to be represented in Germany.

Obike was founded last year in Singapore and offers rental bikes in several European cities, including Munich, Frankfurt, Hanover and Berlin. In Singapore, Obike has recently filed for bankruptcy. In a statement on its Facebook page, the company said that this would not affect business elsewhere.

Nevertheless, several cities had reported problems with the provider in the past weeks and months – mainly because they no longer reached anyone there, but the silver-yellow wheels were in many places in the way and target of vandalism. The authorities in Frankfurt had announced that Obike wanted to withdraw from the city. Obike founder Yi denied this: “We never said that we will leave the city.” The company is currently restructuring its European business only and have separated from employees.

So far Obike users in Germany had to pay a deposit of 79 euros. Yi announced that this deposit will be canceled next week: “Nobody has to worry anymore if he gets the money back.”

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Obike….Oh No!

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