ofo draws highest new capital
Print Edition
BIKE-SHARING platform ofo said it has completed a new round of financing valued at US$866 million led by Alibaba Group, as the cash-tight company seeks ambitious expansion in its home country and overseas markets.
Other investors, including Haofeng Group, Tianhe Capital, Ant Financial and Junli Capital, participated through a combination of debt and equity financing, the firm said in a statement.
The new round of funding was the highest so far, following a US$700 million round last July, which was backed by investors including Alibaba.
The company has been accelerating its expansion overseas, launching services in over 50 cities in the US, Europe and Singapore.
The sharing economy boom has been sweeping across China, with related transaction volume up 47 percent from a year ago to 4.92 trillion yuan (US$781 billion) in 2017, said the State Information Center.
The booming non-docking public bike rental service also led to an oversupply of shared bicycles, and created issues for urban management and transport authorities.
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