- Personal transportation company, LOOPShare Ltd (TSXV:LOOP) has had to adapt its current business model, due to COVID-19
- The company has decided to temporarily suspend its planned launch of ridesharing and rental options
- Instead, LOOPShare has repurposed its fleet of electric scooters for much-needed delivery services
- Restaurants, pharmacies, and other similar businesses will gain access to the scooters through fee-for-service rental agreements with LOOPShare
- LOOPShare Ltd (LOOP) is holding steady and is currently trading at $0.20 per share
Personal transportation company, LOOPShare (TSXV:LOOP) has had to adapt its current business model, due to COVID-19’s impact on its operations.
The pandemic has affected every industry in every economy, forcing businesses to adapt or shut down. In many countries, non-essential services have had to close, even after adopting preventative measures.
LOOPShare has decided to temporarily suspend its planned launch of ridesharing and rental options. However, the company has taken the opportunity to apply itself elsewhere during these unusual circumstances.
LOOPShare has repurposed its fleet of electric scooters, making them available for much-needed delivery services. The company will provide restaurants, pharmacies, and other similar business with access to the scooters, through fee-for-service rental agreements.
The turn-key package includes electric scooters, insurance, mobile application and tech support, and driver orientation. This all comes at a flat monthly or daily rate, depending on the business’ needs.
While most restaurants cannot welcome customers inside their premises, takeaway options are still available during the pandemic. The company has already found some rental restaurant partners, including The Modern Meat Inc and Big Wheel Burger.
Big Wheel Burger’s owner, Calen McNeil, commented on the deal, which allows them to stay environmentally friendly during the crisis.
“Big Wheel Burger is excited to partner with Loop. We will be introducing their environmentally friendly electric scooters to our new delivery service. This collaboration fits our Carbon Neutral Business Model, and provides critical infrastructure for this new aspect to our business,” he said.
LOOPShare Ltd (LOOP) is holding steady and is currently trading at $0.20 per share