Lime
Lime launched in 2017 to cash in on the electric scooter craze and has grown rapidly since then. It has launched in 120 markets around the world and hit more than 100 million rides in September 2019, CNBC reported. Lime was valued at $2.4 billion as of late 2019, and it has raised over $700 million in funding. Although Lime is not currently profitable, the company plans to turn the corner in 2020.
Why Lime Isn’t Profitable
Lime’s expenses include the expansion and maintenance of its scooters, plus advertising — it launched its first U.S. ad campaign in Los Angeles late last year. However, Lime plans to be “EBIT positive” at some point in 2020, CNBC reported.
As far as how it will do this, Lime has already started trimming back expenses. In January, the company announced that it would be laying off about 100 employees and exiting 12 markets.
