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RideMovi: How to make micromobility profitable from day one
CEO and founder of RideMovi Alessandro Felici. Image source: RideMovi
The lean history of Ridemovi
Founded in 2018 after acquiring Mobike’s operations in Italy and Spain, RideMovi quickly distinguished itself from competitors who struggled with bloated operations and poorly made vehicles. "We saw the mistakes of Ofo and Mobike, who invested billions to flood the market without any qualification process," says CEO Alessandro Felici. "We focused on robust bikes and efficient software integration, which made all the difference."
Unlike many competitors that scaled rapidly with large teams, RideMovi has kept its operations intentionally lean. The company runs its entire operation with fewer than 15 people at its headquarters, a stark contrast to the hundreds employed by some competitors. This lean model has allowed RideMovi to not only keep costs down but also sustain affordable pricing for users.
The company’s efficient operations are also reflected in its financial performance. RideMovi has been EBITDA positive since 2019 and EBIT positive since 2022, further solidifying its position as a profitable micromobility operator in a challenging industry.
This streamlined approach extends to how they manage city rollouts. The company employs a "stop-loss" strategy, similar to trading, where they pull out of a market if losses hit €500,000. "We’re willing to lose a bit to see if a market works, but we cut our losses quickly if it doesn’t," Felici explains.
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Profitable growth through a mix of vehicles
RideMovi boasts an impressive mix of both electric and mechanical vehicles. Image Source: RideMovi
A key element of RideMovi’s success is its focus on vehicle durability. The company’s fleet of internally produced e-bikes is designed to last, requiring less maintenance over time. "Our e-bike is more robust, so the maintenance level is lower," says Felici. "Over its lifetime, the bike becomes much less expensive than a scooter, even if the initial margin is similar." This durability not only reduces costs but also ensures a reliable service for users, which has been crucial to RideMovi's reputation and growth.
Beyond e-bikes, RideMovi has also maintained a strategic mix of mechanical bikes in its fleet. While these traditional pedal bikes generate lower revenue, they cater to students and lower-income riders, ensuring that RideMovi’s offerings remain accessible to a broad audience. "We know young males skew heavily towards scooters, while females and students often prefer bikes. It’s important to offer options that meet the needs of all our users," Felici notes.
Profitable growth through a mix of vehicles
Dedicated eScooter parking in London. Image Source: TfL
However, as RideMovi continues to expand, it faces the challenge of staying nimble in an increasingly complex market. The company’s lean model has been a significant advantage, but it may be tested as they enter markets with stringent regulations and tender processes that often require local expertise and investment. Cities are increasingly looking for operators who can demonstrate a commitment to local communities and regulatory compliance, which could pose a challenge for RideMovi’s minimalist approach.
Yet, Felici remains optimistic about the company’s ability to adapt. "The future of our industry isn’t just about getting 3 percent of the population to use our vehicles," he says. "It’s about reaching 40 percent by making them affordable and available everywhere." This vision is at the heart of RideMovi’s strategy as it continues to expand, focusing on affordability, accessibility, and user satisfaction rather than chasing the latest technology trends.
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Looking ahead, RideMovi is exploring opportunities to diversify its fleet further, potentially adding vehicles like electric cars to serve different user needs. "Imagine if you could have a four-wheel car with a swappable battery in Oslo during winter," Felici muses. "With a reasonable-sized fleet, you could easily make 20 euros per day per vehicle."
As the Micromobility market evolves, RideMovi’s story offers a compelling example of how to build a profitable business in a challenging and rapidly changing industry. By focusing on efficiency, durability, and a user-centric approach, RideMovi has not only managed to stay profitable but also laid the groundwork for sustainable growth in the future. The road ahead may be complex, but with its solid foundation and innovative mindset, RideMovi appears well-positioned to navigate whatever challenges come its way.
