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CityBee increases revenue and expands their services in Latvian market

April 24, 2023

CityBee Latvia income in 2022 reached 19.3 million euros, which is 130% more than the year before. Also, the number of registered users has increased by 33% during the previous year. Continuing to improve the quality, efficiency and availability of services, the company has introduced a series of IT system innovations including an improved automated speed monitoring system as well as expanded its cargo fleet and presence in 5 more Latvian cities, covering a total of 13 Latvian cities. EBITDA margin of the company showed a significant increase, reaching 1.95 million euros, which is a significant increase compared to 2021.

During last year CityBee also renewed its cargo fleet and invested in new models of passenger cars. The company continued to expand and since last year offers its services in five more Latvian cities – Ventspils, Olaine, Jelgava, Ogre, Ikškile, covering a total of 13 Latvian cities.

In 2022, CityBee started offering travel packages to its customers, which provides more favorable pricing for longer trips. This type of service gives drivers the opportunity to choose a certain number of kilometers and time of use for a fixed price. The company also introduced a cashback system, which provides friendlier conditions for CityBee customers who regularly use our services.

“The past year proved to be a difficult time for both individuals and businesses, with the challenges of rising inflation and fuel prices leading to increased costs for car maintenance. Despite these obstacles, we successfully navigated these challenges by providing our customers with high-quality and reliable services tailored to their needs. As a result, our mobility services saw a surge in demand, leading to business growth in Latvia. Notably, the number of kilometers travelled, and trips taken with our cars increased by 32% compared to the previous year. Additionally, conditions in the used car market have contributed to our positive results. Therefore, I want to thank our customers for their trust in choosing to travel with a CityBee car, as well as our team, who ensures that more and more people can appreciate the benefits of high-quality and reliable services,” says Krištofs Hegedjušs, country manager of CityBee Latvia.

Following mobility trends and demand growth, this year CityBee considers expanding car-sharing services in other Latvian cities, as well as continue to invest in the renewal of the existing car fleet. Also, since March CityBee’s parent company “Modus Mobility” has launched a full-service car subscription service – MyBee, offering customers long-term car use for a fixed fee. In addition, the company’s priority this year is to improve the digital experience of customers by planning investments in the CityBee app to provide the best possible user experience and in other technologies that will allow the analysis of customer behavior.

During 2022 the company paid special attention to activities related to traffic safety and driving culture. The company has improved its speed monitoring system and introduced an automated notification system that warns users via SMS and phone call of speeding. Based on results, the system is helping with changing driver behaviour, as the vast majority of speed exceeders reduce speed after the warning. If the user is not changing bad driving habits the account can be suspended.

“It is important for us that not only our customers behave responsibly on the road, but we also care the overall level of safety on Latvian roads increases. Therefore, in cooperation with the Road Traffic Safety Directorate (CSDD), last year we participated in several social responsibility campaigns and will continue this year as well,” says K. Hegedjušs.

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