Singapore's bike-sharing landscape has shifted dramatically since its peak in 2017, when nine companies operated over 200,000 bicycles. Today, only two firms remain, with Anywheel emerging as the leading provider, having scaled its operations to approximately 35,000 bikes and 1.3 million users nationwide. Anywheel's founder, Htay Aung, attributes the company's resilience to its commitment to sustainable growth, which allowed it to navigate the industry's tumultuous changes.
While rivals like oBike and Mobike sought rapid expansion through significant funding and user deposits, leading to operational challenges, Anywheel chose a more cautious path. This strategy emphasized steady growth rather than explosive increases in fleet size. Consequently, when regulatory restrictions were imposed, many competitors struggled to adapt and ultimately failed, leaving users with lost deposits and diminished trust.
Anywheel's success highlights the importance of sustainable business practices in a volatile market. The company's focus on maintaining quality and reliability has positioned it well in a landscape that has seen many others falter.