Chartered Bike, Grip sign a $3 million lease financing arrangement

Grip, an alternative investing platform, has teamed up with Chartered Bike, an automated public bike sharing system, to enable Chartered Bike to lease assets worth $3 million over the course of the following two to three months.

Additionally, by working together, Chartered Bike will be able to scale more effectively, increase its customer base of those keen to employ sustainable last-mile commuting options, and accelerate its deployment at various locations, the company said in a statement on Monday. 

Grip claims to be the first to offer asset leasing services to Chartered Bike and hopes to assist the latter in lowering capex so that it may concentrate on expanding its network. Chartered Bike, on its part, has over 4500 distributed bikes under its fleet across the country and has plans to expand to five new cities in every financial quarter. 

Nikhil Aggarwal, Co-Founder & CEO, of Grip said, “Investors today are keen to invest in companies or funds that aim to deliver high financial returns while creating a positive or social impact.”

Sanyam Gandhi, Founder, Chartered Bike, said, “We currently have 4000 bikes, 500 electric bikes, and 450 stations across seven cities. We wish to revolutionise last mile commute and strengthen our micro-mobility platform.”

With the rise of last-mile delivery and services, micro-mobility represents one of the biggest potential in the sharing economy. Less than 10 percent of the $800 billion opportunity in this sector has been used thus far, research suggests.

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