Micromobility is on hold: why Uklon did not agree with Jet on the e-scooter market
3 November 21:35
Uklon is considering entering the electric scooter rental market, but the M&A deal with Jet has stalled due to disagreements over the valuation of the asset. This is reported by "Komersant Ukrainian" with reference to Forbes Ukraine.
According to two managers in the know, the negotiations, which started in the spring of 2025 (after Kyivstar acquired Uklon for $155.2 million), are currently on hold: the parties did not agree on the price. According to market participants, Jet expected $12-15 million, while Uklon was ready to pay $8-10 million. Both companies have not officially commented on the situation.
Why Uklon needs a scooter service
Uklon’s interest in scooters is logical amid competition: the Estonian Bolt, the main rival in the ridesharing market, is already developing micromobility rentals in Kyiv and other cities. In addition, international players are generally reserved about investing in Ukraine during the war, which creates a window of opportunity for local operators.
In the spring, Uklon conducted a survey in the app about the frequency of use of new services, and in previous years the company explored partnerships with rental companies: in 2021, there were talks with Jet about collaboration, and before the full-scale invasion, about cooperation with Kiwi. But the business case did not work out.
Jet profile: coverage, users, economics
Jet operates on a franchise model in 42 cities of Ukraine and focuses exclusively on the domestic market. According to the company’s official data, the base of registered users exceeds 1.4 million, and 750 thousand of them made at least one trip in 2025. The average fare in the capital is about UAH 56, while in the regions it is about UAH 35.
According to the interlocutors, Jet’s revenue doubled in 2023-2024 and added about 25% more in 2025. At the same time, some experts question the potential for further scaling: with about 10 thousand scooters and wide coverage, it is more difficult to grow, and the multipliers Jet seeks are more in line with the aggressive growth stage of startups than businesses with an established network.
Read also: Uklon challenges FlixBus and launches transportation in Europe
Why the deal was stalled: valuation and growth prospects
The key reason for the pause is a gap in valuations. The seller appeals to rapid revenue growth, a large user base, and geography. The potential buyer is looking at seasonality, capital intensity, competition with Bolt, and limited room for scaling after covering dozens of cities. In such circumstances, Uklon is not ready to pay the premium inherent in “hyper-growth” assets unless it sees a clear trajectory for further margin and fleet expansion.
Market context: a window for locals and synergies with ride-hailing
The full-scale war has reduced the investment activity of global micromobility operators, so local players have a chance to expand their share. For Uklon, the synergies are obvious: a single map, payments and loyalty, cross-selling between taxis and scooters, and optimization of peak loads (short “last mile” trips for scooters, longer trips for cars). At the same time, the unit economy depends on the density of placement, vandalism, the cost of spare parts and batteries, the tariff policy of cities, and investments in restarting the fleet at the beginning of the season.
Compromise or alternative: what scenario is possible for Uklon?
The company actually has two options for development: to return to negotiations with Jet and find a compromise on the cost or to switch to other local targets. The market names Lviv-based E-wings and Kyiv-based Zelectra as potential alternatives. Sources suggest that the micromobility strategy will remain a priority for Uklon, and concrete steps may appear before the start of the new “scooter season.”
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Why this case is important for business
For investors and the market, it is important which model Uklon will choose: buying a ready-made operator with a scale and franchise network or launching its own service in selected cities in stages. Pricing will be influenced by demand dynamics, competition with Bolt, city regulations, and access to capital for fleet renewal. Amid the Jet pause, the fact remains that there is demand for short city trips, and the window of opportunity for local players is still open.
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