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20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting
Wayne Ting
And I think the average scooter only lasted 30 days. The daily decay rate was 3%. So in the course of 30 days, your entire fleet was gone. And you can't run a business that is a hardware, CapEx-intensive business if every 30 days you need to buy a whole new fleet. So the business was completely upside down. And... I thought we didn't have great data either.
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