GreenMobility enters Netherlands with acquisition of Fetch
GreenMobility plans to expand its urban electric vehicle sharing business by entering the Netherlands through the acquisition of Fetch Carsharing.
The term sheet means the Netherlands might become the sixth country, and Amsterdam the 11th city, in which GreenMobility operates.
Founded in 2019, Fetch Carsharing operates around 100 shared Renault Zoe electric cars across Amsterdam. GreenMobility will expand its fleet to 150 electric vehicles and expect an additional DDK 10 million revenue (€1.4 million) in 2022.
Profitable cities come with lower risks
GreenMobility plans to integrate Fetch Carsharing's fleet and local team into its operations in the coming months and provide electric car-sharing to its customers in Amsterdam.
If the deal goes through, Fetch Carsharing will become the second acquisition of GreenMobility, which has embraced the strategy of acquiring local businesses in profitable cities to reduce the risks of entering a new market.
GreenMobility plans to operate in 35 cities with a fleet of 10,000 vehicles by 2025.
Image courtesy of Renault.