Uber buys a bikeshare company as it looks beyond cars

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Currently, JUMP operates in Washington D.C. and San Francisco, but Uber's vision is to launch the startup into a global project, offering its service to cities internationally. His statement suggests the app could integrate subway navigation alongside ride-hailing and bike rental to get users from place to place.

The deal illustrates the swirl of investor activity in the increasingly competitive business of bike sharing.

Today the ride-hail giant concluded a months-long courtship when it announced its acquisition of Jump Bikes, the operator of an on-demand pedal-assist-bicycle sharing service. In addition, you can continue to use the Jump app if you prefer.

Jump will likely be fully rebranded as Uber-Bikes and is already operating on Uber's Website.

While Jump bikes are not yet regulated, the electric-pedal company received exclusive permission from the San Francisco Municipal Transportation Authority (SFMTA) to kickstart service in the city. This is proof that JUMP e-bikes allow you to go farther, faster, and have more fun. "People are using these bikes for multiple trips a day". It costs $2 for 30 minutes of ride time.

Uber is valued at between $48 billion and $68 billion, making it the world's most valuable start-up.

In China, the bike-sharing industry drew thousands of bicycles to cities, flooding sidewalks, raising questions about whether restrictions might be needed.

The bikes feature an electric motor in the front wheel and a battery concealed in the frame. "I'm thrilled to welcome his team and their stellar product onto the Uber platform", he added. However, some cities have complained that dockless bikes have become a nuisance, clogging sidewalks or left damaged in odd locations. "Our hometown pilot is off to a very strong start, with riders enjoying a convenient and environmentally friendly way to cruise up and down our trademark hills", the Uber CEO wrote in a company blog post.

Uber, which already has a tie-up with Jump in San Francisco, said it would now look to "scale" the bikes globally. In the past year, the company changed its name to Jump and had deployed more than 12,000 dockless bikes in 40 cities across six countries.

The company is to buy Jump Bikes, which it linked up with in San Francisco this year, for about $100 million.

"When we first began talking to Uber they were going through an extremely hard time, with negative headlines each week and a massive change in leadership", writes JUMP Bikes founder and CEO Ryan Rzepecki in the obligatory Medium post.

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