INDIANAPOLIS - Indianapolis has approved a third scooter company to operate in the city. Spin, which was acquired in November by Ford Motor Co. (NYSE: F) for $100 million, joins Bird and Lime in offering the service in the state's capital city.

Spin was founded in San Francisco in 2016. It operates in 18 cities and three college campuses throughout the United States.

Indianapolis approved Bird and Lime in September after the City-County Council approved regulations for shared electric scooter companies. The rules state the companies must pay $1 per day per device and have each scooter marked with a unique serial number and equipped with a bell or horn. Annual licenses cost $15,000.

Users are not allowed to ride scooters on sidewalks, trails, the White River State Park or the Canal Walkway.