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UAE e-scooter brand Fenix acquires Turkish rival for $5M to enter new markets

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Abu Dhabi-based micromobility startup Fenix has beeb recently in news to have acquired Palm, a shared e-scooter firm in Turkey. The deal was worth $5 million.

The acquisition extends Fenix’s micromobility platform from the Gulf to Turkey, and the Turkey business will offer a counter-cyclical balance to the startup’s Gulf business.

Meanwhile, Palm founders Berhan Goksin and Alican İstanbullu will remain in the management team to lead the business expansion efforts in Turkey in the right direction.

As per the company press release, Fenix also plans to open an R&D center for software and hardware in Istanbul to develop new technologies for the Turkish market and also for export.

Founded in November 2020, Fenix operates 13 cities across 5 countries and was founded by Indian-origin entrepreneur Jaideep Dhanoa and Pakistan-born IQ Sayed.

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