Singapore-based industrial vehicle provider Goldbell Group has acquired local electric car-sharing startup BlueSG in February 2021.
The Group expects the acquisition to be finalized before August 2021 and claims it will help fast-track BlueSG’s development and expand its services to other smart cities spanning the Asia Pacific region.
Goldbell aims to expand the startup’s business and technical competencies by investing US$ 52.3M in it over the next five years. It will increase BlueSG’s current fleet of 650 vehicles, establish an R&D centre and build new mobility algorithms, analytics and technologies. BlueSG will also be Goldbell’s global headquarters for car sharing.
Since the acquisition is projected to be completed within the next six months, the regular operations will still be managed by BlueSG’s current owner, French transportation company Bolloré Group, until Goldbell formally takes over. Goldbell Group also said the acquisition would have a negligible effect on operations and employees of BlueSG.
BlueSG is a subsidiary of Bolloré Group and was launched in 2017. Singapore’s first electric car-sharing service, BlueSG was founded as part of the Singapore Economic Development Board and Land Transport Authority’s national-level initiative. The startup claims it has managed over 1.7 million rentals and sold over 100,000 subscriptions since its inception.
About Goldbell Group:
Goldbell Group was founded in 1980 and is an authorized distributor of many internationally known brands like Mitsubishi Fuso, Iveco, Fiat Professional, and more. It is headquartered in Singapore and has operations in Australia, Malaysia, China & Vietnam. The Group employs more than 600 individuals worldwide. Presently, Goldbell Group is the market trailblazer in industrial vehicles, with customers in industries like construction, logistics and warehousing, manufacturing, food and beverage, petrochemicals, government, and statutory boards. It strives to unceasingly meet its clients’ changing needs while becoming a complete business solution partner to all of them.
Arthur Chua, CEO of Goldbell Group, said their investment in BlueSG results from a longstanding focus on the future mobility space and echoes the Goldbell method to insight-driven investing. He added that they are committed to working closely together as a team to develop ground-breaking technology solutions that will support Singapore’s car-lite and energy-driven mobility vision. According to the company, BlueSG’s procurement is in step with its “Twin Engines for Disruptive Growth” plan, combining its domain knowledge in the industrial vehicle rental and distribution market with venture building and investing models to fast-track innovation. It also runs a global accelerator programme named Move.sg aimed at incubating startups in the fields of mobility, transport and logistics. The programme is backed by Enterprise Singapore and is the country’s first automobile-centric accelerator.
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