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Ofo gets US$700m new funding

CHINA'S Internet bike rental company Ofo said today it has raised US$700 million in the latest funding, backed by institutional investors inclduing Alibaba Group, Hony Capital and CITIC Private Equity, with additional participation from current investors Didi Chuxing and DST Global.

The latest funding has pushed the battle against largest rival Mobike to a new level with the latter announced a US$600 million financing led by Tencent Holdings and other investors funding just two months ago.

Ofo said it plans to deploy 20 million bikes to its bike-sharing platform, growing its service to reach 200 cities in 20 countries across the globe and up till now it has provided over 2 billion rides to more than 100 million users since its debut less than three years ago.

The number of Internet rental bikes and users boomed in less than one year after China's two leading Internet bike rental firms have raised massive capital to subsidize riders with free rides and cash coupons.


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