Shanghai-based Energy Monster is reportedly eyeing a US public listing that could raise as much as USD 300 million, becoming the first stock in the battery-sharing business, according to 36Kr.
With 36.4% of market share in 2019, Energy Monster is the biggest player in the sector in China: some 14.8 million people accessing the service through a WeChat mini-program on a monthly basis, 36Kr reported. In December 2019, Energy Monster collected USD 77.5 million in its Series C round led by SoftBank Ventures Asia and joined by Hillhouse Capital, Goldman Sachs, and Shunwei Capital.
Last April, on-demand delivery giant Meituan announced that it would enter the power bank sharing business, KrASIA reported, adding even more competition to a crowded space.
The size of the battery-sharing market is expected to increase 70.2% in 2021 to exceed USD 2.25 billion, according to data from Analysys.
This article is part of KrASIA’s “Key Stat” series, where KrASIA picks and presents the most significant figures of the day’s technology and business world.