Local bicycle producer Pegas registered a turnover of RON 8.81 million (EUR 1.93 million) last year, up by over a quarter compared to 2016.

However, the company also recorded a RON 2.6 million (EUR 570,000) loss in 2017, after profit in the period 2012-2016, local Profit.ro reported.

Atelierele Pegas was founded by Romanian Andrei Botescu and began its activity in 2011. In October 2015, electronics distribution company Network One Distribution (NOD), owned by local investor Iulian Stanciu, acquired a stake of 51.6% in the bike producer.

In May this year, the company launched an innovative bike sharing system in Bucharest, which doesn’t involve predefined parking stations. The investment in the new system, which is called Ape Rider, amounted to EUR 3 million and included the production of special bicycles for the bike sharing system, the app, the integrated anti-theft system, the project team costs, and the Ape Rider’s logistics.

Irina Marica, irina.marica@romania-insider.com