Citymapper appoints advisers amid takeover interest
Public transport app Citymapper has tapped advisers from US bank Raine after receiving overtures from several global tech firms.
Sources told Sky News that the platform, which is available in 41 cities, brought Raine on board last week to guide it through discussions with several suitors.
The expressions of interest, which were unsolicited, relate to both licensing deals and to a full takeover.
Although specifics as to whom had made approaches to Citymapper were not available, indusry analysts said that Apple, Microsoft and Google-owner Alphabet were likely candidates.
Since it was founded in 2010 by former Google employee Azmat Yusuf Citymapper has expanded from its London starting point to cover cities around the world.
The platform, which allows London users to buy an integrated pass for multiple modes of public transport, now operates in locales such as New York, Paris, Tokyo, Los Angeles, and Melbourne.
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Despite the expressions of interest, sources cautioned that there was no guarantee of a sale going ahead, especially if the firm’s expectations regarding value are not met.
The firm’s last funding round reportedly saw it valued at more than $325m (£250m).
However, the app has been faced with more challenging circumstances lately, with its most recent Companies House accounts showing losses of more than £20m.
The appointment comes as urban mobility start-ups are increasingly engaged in a dual fight with each other for market share and with policy makers over their impact.
Uber is likely to be banned in London for the second time in two years, with rivals such as Bolt, Get and Kapten all poised to try and snap up market share.
City PM has approached Citymapper and Raine for comment.