Mobike, a Chinese bike-rental startup that was acquired by on-demand services giant Meituan last year, will be renamed Meituan Bike, according to a Meituan internal announcement. Mobike, which was losing money, will no longer be a standalone app, and its bike-sharing service will be fully integrated into Meituan’s app, which offers food delivery, movie ticketing, online travel and various other services.
The Meituan Bike business unit will be headed by Meituan co-founder Wang Huiwen. Last month, Mobike founder Hu Weiwei stepped down as its CEO and left the company.
Meituan’s integration of Mobike comes as China’s once-booming market for bike apps is going through major changes. Ofo, another startup that used to be Mobike’s biggest competitor, is struggling to survive after facing fundraising problems.