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October 11, 2016

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Riding on the road to funding success

CHINESE bicycle-sharing service, ofo bicycle, announced a successful C-round financing of about US$130 million yesterday as investors rushed to tap the growing bicycle-sharing community.

The funding mainly came from American hedge fund Coatue, Chinese smartphone maker Xiaomi and CITIC Private Equity.

The startup also received millions of US dollars of funding from China’s top car-hailing service Didi Chuxing as part of a strategic collaboration agreement in late September.

The bike service, which operates via a mobile app, started out as a student project in Peking University in 2014.

It currently has over 70,000 bikes on campuses across 20 cities, with 1.8 million users taking around 500,000 rides every day.

Four Chinese startups, including ofo and Mobike, each raised between US$1.49 million and US$100 million in September in China’s nascent bicycle-sharing market.


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