Korean startup PUMP, which operates XingXing, a shared kickboard service, attracted 20 billion won ($15.6 million) Series B investment. TS Investment and SK led this investment, and Korea Information & Communications, KB Investment, and Shinhan Capital participated as new investors.
XingXing has achieved tremendous progress last year with profit in the third quarter. Industry experts believe this growth is mainly attributable to the consignment management method. XingXing can flexibly respond to a rapidly changing market because the head office owns all devices. It is much faster to react to the market than the franchise-style operation method, which involves handing over device ownership, and can also aim for high profitability. In the case of XingXing, the cumulative profitability seems to have improved due to the accumulated years of business in consignment operations.
In technology and service planning, competitiveness and growth potential were recognized. XingXing introduced a new model Q1.0, in October of this year, focusing on quality improvement in two areas: safety and convenience for customers using kickboards in Korea.
In addition, XingXing is leading the market by making it available in its app and on various mobility platforms such as Kakao Mobility, T Map Mobility, and T Money Go. The company accelerated the ‘Blockchain’ partnership and even launched a new reward service, XingXing Walking.
“We are getting a hot response from customers in the evaluation that we have prepared a plan to give more benefits to users. XingXing plans to use the investment funds to secure new devices and develop a next-generation personal mobility platform in Korea based on artificial intelligence,” XingXing CEO Kim Sang-hun said. “This Series B investment is a recognition of XingXing’s competitiveness and future growth potential despite the recent cold weather in the frozen investment market,” he emphasized.
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