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Umbrella-sharing startup loses nearly all of its 300,000 umbrellas in a matter of weeks

Posted on July 11th, 2017 at 0:27 by John Sinteur in category: News -- Write a comment

[Quote:]

With bike-sharing companies like Mobike becoming incredibly successful in Chinese cities, a few startups have decided to mimic the concept with shareable umbrellas. The only problem: most of the umbrellas have gone missing.

Only a few weeks after starting up operations in 11 cities across China, Sharing E Umbrella announced that it had lost almost all of its 300,000 umbrellas.

The Shenzhen-based company was launched with a 10 million yuan investment. The concept was similar to those that bike-sharing startups have used to (mostly) great success. Customers use an app on their smartphone to pay a 19 yuan deposit fee for an umbrella, which costs just 50 jiao for every half hour of use.

According to the South China Morning Post, company CEO Zhao Shuping said that the idea came to him after watching bike-sharing schemes take off across China, making him realize that “everything on the street can now be shared.”

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