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The company launched “Fenix Taxi” in Manama, Bahrain, on Monday and says it’s planning to add two additional markets this summer. Fenix launches ride-hailing service in Bahrain. Otherwise, the company is mainly relying on profits from its core micromobility business to fund these new business lines.
The strategic shift comes as the company marks its 15th anniversary, aiming to diversify beyond its core food delivery and group-buying businesses. Why it matters: Meituans current business landscape is more complex than ever. At the same time, Meituans increased profitability has brought new challenges.
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