Russia's MTS Urent acquires electric scooter developer Eleven

MOSCOW. Dec 11 (Interfax) - The kicksharing service MTS Urent has signed an agreement to acquire Eleven, a developer of micro-mobility technology.

The deal includes acquiring Eleven's intellectual property and developments, MTS Urent said. The transaction amount and other terms were not disclosed.

At the same time, the founders of Eleven, Andrei Soroko and Denis Bogdanov, received minority stakes of 3.42% and 1.46%, respectively, in Yurentbike.ru LLC. As a result, MTS's stake fell to 76.64%.

"The founders of Eleven will continue to develop the company's products and designs, but now as shareholders of MTS Urent," the press service of MTS Urent said when commenting on the change in ownership structure.

Following the acquisition, the kicksharing service plans to establish a research and development center based on the developer. The center will focus on developing electric scooters and other types of micro-mobility transport. It is expected to serve as a hub for localizing components for this type of transport.

Founded in 2019 in Belarus, Eleven has developed two electric scooter models from scratch. The company's portfolio also includes an electric bicycle and a cargo bike designed for deliveries.

MTS Urent provides short-term rental services for electric scooters and bikes. The company manages over 150,000 electric scooters across 180 communities in Russia.

In January 2024, PJSC MTS became the controlling shareholder of the scooter rental service, with an 80.58% stake. The deal to acquire an additional 68.8% stake in the service amounted to 5 billion rubles.