More capital for Mobike to go global

By Ding Yining | 17:32 UTC+8 June 16, 2017 |

Online Edition

CHINESE Internet rental bike startup Mobike said it has raised US$600 million in a latest financing round led by existing investor Tencent Holdings Ltd and joined by Sequoia, TPG and Hillhouse Capital as well as new investors including BOCOM International and Farallon Capital.

The company aims to use the capital to fuel globalization initiatives as it hopes to cover 200 cities globally by the end of 2017 and to increase investment in new technologies through collaboration with major players in the Internet of things area, according to an email statement today.

Tencent said it will continue to support Mobike's future growth by connecting the bike sharing function with its flagship social networking application WeChat.

Users are able to use WeChat to scan a QR code on Mobike's public bicycles to unlock them and pay for fares.

Mobike claims for a coverage of over 100 cities globally and supports roughly 25 million rides a day.

The daily usage of two major Internet rental bike started to pick up in mid-2016 while investors are eager to take a share in the fast-growing business and hope at least one of them would become the next unicorn company with multi-billion dollar market valuation.

Bike rental companies are also wooing consumers with discount or refund of riding fares.

Earlier this month, the company said it is bringing 1,000 bikes to Manchester and Salford as part of its plans to expand into European cities.

Finance

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More capital for Mobike to go global

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