“We have seen a significant contraction in the number of bike share operators in Sydney, but that’s not to say the business model is dead,” she said.
Reddy Go sent a text message to members last week which read: “Due to regulatory factors, we are currently restructuring our business model.
Ofo share bikes said it quit Sydney to focus on “priority markets” overseas.
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“As part of this restructuring process, all existing memberships will likely be transferred to any new business.”
The message said the company would “offer you and a friend a free bike each as a sign of our gratitude for your loyalty and support” to users who didn’t want to transfer their membership.