The company experienced rapid growth over the past decade, and according to recent updates, is sold in 40 countries worldwide. Revenues in Israel are estimated at $8M-$14M a year.
Inokim is currently controlled by Kfir and Dror Ben-Shooshan (72%). Other shareholders include Big Shopping Centers (20%, mentioned above) and Elad Vered, deputy-CEO of Fox Group(8%). The chain has 12 branches in Israel, including four service centers, and employs 40 people in Israel. Kfir and Dror Ben-Shooshan, who founded the company in 2011, were among the first in the world to sell electric scooters. The brothers have had a long-standing collaboration with Nimrod Riccardo Sapir, who designed the original Inokim e-scooter and its subsequent models. Sapir was the first to incorporate a brushless hub motor within the wheel, to use lithium-ion batteries, inside an aluminum body with a folding mechanism for easy carrying – the first light electric scooter, in 2009.
Inokim, founded in 2011, opened its first branch in DizengoffCenter in the heart of Tel Aviv. Today it sells its e-scooters in 40 countries, most through local dealers. The company is active in the United States, Spain, Germany, Italy, France and England. During 2022, it plans to open stores in Milan, Barcelona, London, Miami and New York.
Since its inception, the company was a disruptor in the micro-mobility market for last mile transportation solutions. Other companies have tried to copy Inokim's design, quality, and market reach. Inokim is the only e-scooter manufacturer that owns and operates its entire value chain, from design, to manufacturing, to direct-to-customer stores. Having total design and manufacturing control gives it the ability to bring the newest, cutting edge technologies and quickly incorporate it into its products, as seen in its latest offering, the Quick 4, considered a generation ahead of its nearest rival. These advantages were the basis for the company's rapid growth over the past 10 years.
Big Shopping Centers, the largest open-air shopping center operator in Israel, invested in the company in early 2020, when it purchased 20% of the company. The group operates and manages 22 shopping centers in Israel, 27 shopping centers in the United States and three more in Serbia. At the time, its entry into the field of e-scooters was considered surprising, but the company was interested in solutions which will help its customers reach their shopping centers without cars and traffic jams. The potential IPO reflects a return on investment of more than 6 times its initial investment.
In other countries, such as the UK and Singapore, malls offer e-scooter rental service to customers who want to ride around the shops, or alternatively get to the malls during congestion hours.
Big Shopping Centers, which is run by Chai Gallis, estimates that using scooters will allow its customers to reach and navigate shopping centers in a fast, low cost way and allow it to reduce its carbon footprint, a requirement being introduced by governments worldwide.
In addition, Big Shopping Centers views this activity as adding value to its customers, especially since most of its shopping centers are located outside city centers, close to major highways.
KPMG and the law firm Meitar are expected to accompany the offering.
Kfir Ben shooshan