London e-bike operator Forest has given its users nearly 52 million free minutes of riding in the last three years, sacrificing £11 million in revenue.
Since Forest launched in 2021, the company has provided all users with 10 free minutes of riding every day.
The £11 million figure was calculated by multiplying the 52 million free minutes by the standard cost-per-minute rate, whilst factoring in price changes over the three years.
These free daily minutes are a core differentiator for Forest and are part of its commitment to provide affordable and accessible travel for all.
“We know 50% of our users choose us over a competitor because we are better value for money, and affordability is the most important factor for them when selecting a dockless e-bike,” Forest’s CEO Agustin Guilisasti told Zag Daily.
This comes as Forest surpasses the one million user milestone for the first time.
Agustin said: “The 10 minutes free, on top of earning more free minutes by watching video ads in our app and our unique Forest Plus subscription, has undoubtedly helped us reach one million users for the first time, and given us a record-breaking summer with over a million trips a month.”
Total trips for Forest grew over 200% in August 2024 compared to August 2023, while the number of active users has also grown over 130% in August 2024 compared to August 2023.
“The shared e-bike market in London is booming, so we could easily just charge the same as our competitors and be better off as a business by now. We’ve made a conscious decision not to do this, because it is and will always be our mission to make zero emission travel actually affordable for Londoners.”
