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Tuesday, March 13, 2018, 14:48
China's ofo raises US$866m in new round of funding
By Xinhua
Tuesday, March 13, 2018, 14:48 By Xinhua

A picture taken on October 20, 2017 shows Chinese station-free bikes sharing platform OFO Bicycles at the "Autonomy and the urban mobility" fair in Paris on October 20, 2017. (ERIC PIERMONT / AFP)

BEIJING - China's leading bike-sharing service ofo announced Tuesday that it had raised another US$866 million in its latest round of funding led by Alibaba Group.

The investors included Haofeng Group, Tianhe Capital, Ant Financial and Junli Capital, and a combination of debt and equity was used in the financing, the company said in a statement.

The new round of funding marked its highest so far, following a 700-million-dollars funding round last July

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

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

The new round of funding marked its highest so far, following a 700-million-dollars funding round last July, which was backed by investors including Alibaba.

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

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

ALSO READ: Chinese bike-sharing company ofo to enter India

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

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