Electric scooter startup called Niu Technologies which is based in China has filed for an initial public offering (IPO) on Nasdaq. The company has planned to raise up to $150 million through this IPO.
Niu claims to be the largest lithium-ion battery-powered e-scooters company in China. Founded in 2014, the company is based in Beijing and currently holds a market share of 26% in China on the basis of its sales volume.
Niu’s scooters connect with an app that gives drivers maintenance and performance data and along with that delivers firmware updates. The firm stated that it had sold more than 431,500 smart electric scooters in China, Europe and other markets as of June 2018.
According to the reports, China has been termed as the largest market for electric two-wheeled vehicles, where the retail sales are expected to increase to $13 million by 2022, increased from $8 billion in 2017.
Niu claims that the company’s growth markets also include Southeast Asia and India, where scooters are a popular form of transportation. The firm’s net revenue in 2017 was RMB 769.4 million ($116.2 million), an increase of 116.8% from RMB 354.8 million in 2016.
The net losses during that time decreased to RMB 184.7 million ($27.9 million) in 2017 from RMB 232.7 million in 2016. More lately, net revenue for the first six months of 2018 was RMB 557.1 million ($84.2 million), an increase of 95.4% from RMB 285.1 million the same period in the previous year.