Councillor Lynne Stagg said the Beryl-run scheme was 'a long time coming' and would work alongside the Voi e-scooters to encourage more people to use different transport methods to travel across the city.
An initial two-year trial will run until the end of June 2024 although there is an option to extend it for eight year 'if the scheme proves successful'.
The Portsmouth scheme forms part of a wider Solent Transport network which will also be run in Southampton and the Isle of Wight by Beryl.
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The company, which operates similar schemes in Bournemouth and Norwich, won two Solent Transport tenders totalling £2m in May.
Councillors were told on Tuesday that the fully-docked scheme will begin to roll-out in Portsmouth in late August with 100 regular bikes and 100 e-bikes provided at 38 sites before it is completed in April with 250 bikes and 450 e-bikes made available at 90 locations.
The app-based rental system uses a mix of 'pay-as-you-ride' or bundle purchases with the hire of a bike charged at a £1 unlock fee plus 5p per minute used.
Cllr Stagg, who is also the chairwoman of the Solent Transport joint committee said she was pleased a bike share scheme was finally being introduced.
'It is important we do all we can to address air pollution, traffic congestion and decarbonising our transport system in the right way,' she said. 'I look forward to the bike share trial starting later this summer across the Solent region.'
Phil Ellis, the CEO and co-founder of Beryl, sad the scheme would provide 'a fun, sustainable and cost-effective alternative to the car'.
'We are delighted to have been selected to deliver Solent Transport’s new bike and e-bike hire scheme and look forward to bringing our experience and innovation to this exciting project,' he said.
'Our schemes are designed to provide the best possible service for users by being delivered both in partnership with cities and in consultation with communities and key stakeholders.'