The mobility giant Uber on Thursday (May 7) made the announcement of its investment of $170 in the bike and scooter rental startup Lime Micromobility. As a part of the deal, Lime will take control of Jump, an electric bike-sharing service acquired by Uber back in 2018.
Lime in a statement also revealed that the company has promoted its global head of operations, Wayne Ting to the chief executive position.
Lime last raised $335 million in 2018 in a round led by Uber and Google’s parent Alphabet.
The move came as a part of the efforts made by Uber to boost its share value amid the COVID-19 crisis.
Uber’s investment in Lime is expected to yield positive returns since bike sales and ride-to-work schemes are in demand amid the pandemic crisis.