June 27, 2022

Segway-Ninebot, a producer of clever short-distance transportation and repair robots, introduced on Monday that the challenge capital establishments underneath Sequoia Capital and Xiaomi had lowered their stake by way of just about 6.5% prior to now few months.

Based in 2012, Segway-Ninebot is headquartered in Beijing, and owns two manufacturers: Ninebot and Segway. At this time, the corporate oversees 3 main trade areas on the earth: Asia Pacific, Europe and The united states.

In October 2014, the corporate gained a joint capital injection of greater than $80 million from Xiaomi, Sequoia, WestSummit Capital and Shunwei Capital. In October 2017, it finished round-C financing of $100 million from the fund controlled by way of SDIC Fund and China Cell Innovation Trade Fund. On October 29, 2020, the corporate used to be effectively indexed at the Shanghai Sci-Tech Innovation Board (STAR Marketplace).

Segway-Ninebot is basically engaged within the design, R&D, manufacturing, gross sales and repair of quite a lot of clever short-distance cellular gadgets. Its major merchandise come with clever electrical stability automobiles, clever electrical scooters, clever provider robots and different product strains, and this can be a provider of Xiaomi’s balancing car.

On account of the associated fee building up of uncooked fabrics and different components, the money float scenario of the corporate is relatively being concerned. The primary quarterly document of the corporate for 2022 displays that its running source of revenue within the first quarter of 2022 used to be 1.917 billion yuan ($287.55 million), with a year-on-year building up of seven.80%. The online benefit as a result of shareholders of indexed firms used to be 38.4466 million yuan, with a year-on-year building up of 51.32%. Within the first quarter, internet money float of commercial actions used to be -43.48 million yuan, however this determine used to be now not defined intimately within the document.

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In 2021, the running money float of the corporate used to be -161 million yuan, which used to be clearly worse than the certain influx of 896 million yuan in 2020. In regards to the downturn, the corporate defined: “It’s basically because of the development stocking on the finish of this era, the rise in stock, the development fee of providers for booking items and the rise in export problem receivable.” In regards to the building up upfront fee, the company claimed “it’s basically because of the corporate’s advance fee for uncooked subject material acquire in line with the emerging worth of uncooked fabrics.”