Struggling Mobike Shuts Down International Operations to Focus Solely on China
Bike-sharing giant Mobike lays off its Asia Pacific team as part of a broader strategy to close all international operations and concentrate entirely on its native China.
Mobike shuts down all international operations and lays off its entire Asia Pacific operations team, which includes over 15 full-time employees and numerous contractors across Singapore, Malaysia, Thailand, India, and Australia. The company tells affected staff that it plans to "ramp down" the regional business without providing specific reasons for the sudden rollback. This move serves as a critical first step in eliminating Mobike's global footprint, as the Asia Pacific region represents the vast majority of its non-China business.
Additional staff cuts are imminent outside of Asia, affecting Mobike's presence in Europe and the Americas, leaving the once-expansive startup to operate exclusively in its native China. A Mobike spokesperson later confirms that the international business is undergoing "rationalisation" to improve efficiency, while Meituan's financial executive states that Mobike pulls out of "most international markets" to save costs. This dramatic retrenchment highlights the severe financial struggles within the Chinese bike-sharing industry over the past year.
The sudden layoffs catch employees completely off guard, as they operate under the impression that the company's prospects remain bright and they experience no prior issues with salaries or financial stability. Once considered the most successful startup in its camp, Mobike raises over $900 million from top investors before Meituan acquires it for $2.7 billion just eleven months ago. Despite this massive financial backing and early dominance, Mobike ultimately fails to establish a sustainable business model amid fierce competition and tightening finances.