Russian e-scooter rental service Whoosh sells business in Europe - paper

MOSCOW. July 12 (Interfax) - Russian electric scooter rental service Whoosh has sold its European business to the CEO of Estonian e-scooter sharing service Prime, Lauri Truve, business daily Vedomosti reported on Tuesday, citing Whoosh founder Dmitry Chuiko.

Chuiko attributed the sale to the fact that doing business in the European Union has become difficult "in the current realities." The price of the deal was not disclosed.

Whoosh will focus on developing its business in Russia, where it has been operating since 2019, and other CIS countries, Chuiko said.

A spokesman for Whoosh told the paper that the company is selling 2,500 scooters in Portugal and 2,000 in other countries in the deal with Truve, who will also get the rights to use the Whoosh brand.

Whoosh's plans to start working in Lisbon were reported last November. The company planned to invest $20 million in the launch, using working capital and debt financing from partner banks, Chuiko said at the time. The company's fleet abroad was supposed to grow to 15,000 scooters in 2022.

Whoosh is a technology company that specializes in developing and rolling out solutions for sharing micromobility vehicles, and operates the eponymous e-scooter and e-bike rental service.

Whoosh LLC's largest shareholder is Dmitry Chuiko with 44.68%. This stake is held as collateral by Otkritie FC Bank.