Kazakhstani JET Group, one of the country’s largest scooter-sharing operators, is increasingly shifting its focus to Latin America. Brazil accounted for 92.3% of the company’s total revenue in the first quarter of 2026. At the same time, the company issued two-year green bonds denominated in UAE dirhams totaling 10 million dirhams (about $7.2 million) under a bond program of up to 50 million dirhams ($13.6 million), which remains in effect until 2036.
Economist and Finmentor.kz Telegram channel author Arman Batayev noted this development.
According to Jet Group’s first-quarter 2026 financial results, cited by the economist, the company’s revenue rose 85.5% to $15.99 million from $8.62 million. Net income increased 40.3% to $1.18 million. EBITDA from the scooter-sharing business more than doubled, rising from $2.62 million to $5.57 million.
Brazil emerged as the company’s key market. Revenue there nearly doubled, from $7.39 million to $14.76 million. As a result, Brazil accounted for 92.3% of the company’s total revenue.
According to Batayev, the company is focusing on Latin American markets, where scooters can be used year-round, unlike in Kazakhstan. In addition to Brazil, JET Group is also expanding its business in Chile and Mexico.
According to Forbes Chile, JET Group has been present in the country for a year. The company currently operates more than 2,000 electric scooters and 500 electric bicycles across six municipalities in Santiago and holds about a 20% market share.
However, the company’s position in Brazil is much stronger. According to data cited by Batayev, JET Group accounts for about 85% of the market in both app downloads and monthly active users. The company aims to achieve similar results in Chile and plans to invest $7 million in its local operations this year to that end.
JET Group launched operations in Mexico in April 2026, debuting in San Pedro Garza García. On June 10, the company announced the deployment of 500 electric scooters in southern Mexico City. The project was launched as part of preparations for the FIFA World Cup and to facilitate fans’ travel to Estadio Azteca.
In April 2026, Kazakhstani scooter-sharing operator JET marked its fifth anniversary. Over the past five years, the Almaty-based startup has grown into an international holding company with a fleet of more than 75,000 devices across eight countries, from Central Asia and the Caucasus to Chile.
According to the company’s 2024 annual report, the largest shareholder of JET Group was Kazakhstani entrepreneur and company founder Meirambek Abelkassov, who held 18.62% of its ordinary shares.
