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A Kazakhstan-originating electric scooter rental service, JET, has achieved remarkable financial success, generating $48.7 million in annual revenue. Founded in 2021 by entrepreneur Meirambek Abilkasov and his partners, the startup has rapidly expanded its operations to eight countries, establishing a strong presence in international markets.

From Banking to Scooters: The Genesis of JET

Meirambek Abilkasov, who previously spent seven years in the banking sector, pivoted to entrepreneurship in 2017 by launching a taxi service. His inspiration for JET struck while observing a short-term electric scooter rental startup in Russia. Recognizing the potential, Abilkasov and his co-founders launched the first JET service in Almaty, Kazakhstan, in 2021, followed by an expansion into Odesa, Ukraine.

Global Expansion Fueled by Investment

The company secured an initial investment of $3.5 million, which facilitated its international expansion. Within its first year, JET launched services in Georgia, Azerbaijan, Belarus, and Serbia, laying the groundwork for further growth.

The Team Behind JET's Success

The core team behind JET comprises six co-founders: Meirambek Abilkasov, Serik Ospanov, Andrey Azarov, Mikhail Geysherik, Andrey Kolesnik, and Ilya Timokhovsky. Each member leads a critical area of the business, including operations, strategy, investment attraction, finance, and IT, ensuring a well-rounded approach to management.

Franchise Model and Operational Strategy

JET currently operates directly in Astana, Almaty, and Shymkent in Kazakhstan. In other cities, the company utilizes a franchise model. Potential franchisees often reach out proactively, purchase equipment, and establish the service in their local areas. The cost for a new scooter, including delivery and customs clearance, is approximately $1,000, with used units available for $300. A minimum of 300 scooters is recommended for a small city, requiring an initial investment of around $90,000.

Strategic City Selection

The choice of cities for operation is primarily based on existing transportation infrastructure and the mobility activity of the population. Almaty stands out with exceptionally high scooter usage, surpassing even Moscow, according to Abilkasov. Ulaanbaatar ranks second, with both cities experiencing significant traffic congestion, driving demand for convenient and time-saving alternatives like electric scooters. Even cities with fewer sunny days, such as Petropavlovsk, have shown surprisingly high adoption rates.

International Market Dominance

Beyond Kazakhstan, JET holds a significant position in various international markets. It is considered an equal player in Uzbekistan, a leader in Georgia and Azerbaijan, and commands 20% of the market in Mongolia, competing against seven other companies. In Chile, JET competes on par with local players. Most notably, JET has become the market leader in Brazil, operating in over 40 cities.

Entering the Brazilian Market

Brazil was chosen for its vast market potential, boasting a population of 220 million, numerous large cities, and robust infrastructure. The micro-mobility sector in Brazil operates through a tender system or quotas, where city administrations issue tenders for services, and companies present their experience and fleet. Winners are granted specific quotas, ensuring that the city's infrastructure is not overloaded and service quality is maintained.

Future Expansion Plans

Looking ahead, JET plans to enter the Mexican market, with an initial deployment of approximately 5,000 scooters planned for San Pedro and Mexico City. The company aims to double its annual revenue to between $90 million and $100 million by 2026.

Financial Performance and Investment

In 2025, JET's total revenue reached $48.7 million, with Brazil contributing half of this amount and Kazakhstan accounting for 15%. The company is actively seeking new funding rounds, with current efforts focused on raising $120 million to $150 million, valuing the company at $70 million. The majority of its investors are international. Due to the war in Ukraine, JET exited the Russian market in 2022. To manage fleet expansion needs, the company issued green bonds for renewal. The total investment attracted by the project exceeds $40 million.

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