China's bike-sharing firm ofo raises 866 mln USD in new round of funding

2018-03-13 06:57:28 GMT2018-03-13 14:57:28(Beijing Time) Xinhua English

BEIJING, March 13 (Xinhua) -- China's leading bike-sharingservice ofo announced Tuesday that it had raised another 866million U.S. dollars in its latest round of funding led by AlibabaGroup.

The investors included Haofeng Group, Tianhe Capital, AntFinancial and Junli Capital, and a combination of debt and equitywas used in the financing, the company said in a statement.

"As the global leader in the bike-sharing sector, ofo has beentransitioning from a phase of rapid growth to a stage ofhigh-quality development," Dai Wei, ofo founder and CEO said.

Founded in 2014, ofo shot to fame with a model providingnon-docking public bikes. Users can find a bike parked in thestreet, unlock it using a code via their mobile phone and park itanywhere after use.

The new round of funding marked its highest so far, following a700-million-dollars funding round last July, which was backed byinvestors including Alibaba.

The company has been accelerating its expansion overseas,launching services in major global cities such as Washington D.C.over the past year.

It now operates in over 250 cities across 21 countries with morethan 10 million bikes, according to the company.

China's bike-sharing market has grown rapidly over the past fewyears as part of a booming digital economy, which is reshaping thecountry's economic landscape. Enditem