The move came after Ofo, which reportedly has been under financial pressure since mid-2017, began to seek funding from Alibaba and its affiliated financial arm Ant Financial Services Group in November.
The Tencent Holdings Ltd (騰訊)-sponsored company said that 70 of its first 1,000 bikes had disappeared, but undaunted, it is pressing ahead with expansion. It is a combination of debt and equity financing.
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. ofo will continue to put our customers first and lead the bike-sharing industry with technological innovation and efficient operations. Alibaba Group also led Ofo's $700 million Series E round past year, which was announced one month after Mobike disclosed that it had received a $600 million Series E led by Tencent. It is one of the biggest dockless bike-sharing platforms across the globe. The company has already made inroads into France, Japan and the USA, and says it is operational in around 20 countries.
Last year, ofo entered the United States with 1,000 bicycles in Seattle. "We have approved a new wave of bikes to be introduced to the city", Sheffield City Councilor Jack Scott said.
In March 2018, ofo secured the E2-1 funding of US$866 million, which was led by the Alibaba Group.
The bulk of China's vast and rapidly growing bike-sharing market is shared between the two companies, which compete with each other by offering subsidies and extremely low fares. More than 6,000 residents signed up during the first few weeks of the scheme, with Ofo promising to introduce 300 more bikes this month. It has already tied up with several State governments and is looking at the market closely.
(Changing slug, headline & dateline) New Delhi, Mar 13 (UNI) Station-free bike-sharing platform, Ofo, announced a new $866 million round of funding led by Alibaba Group, with participation from Haofeng Group, Tianhe Capital, Ant Financial and Junli Capital. "Our mission is to solve the last-mile transportation problem in India's urban areas, and we see enormous potential in Pune for ofo's convenient, affordable and low carbon way of travel", says Rajarshi Sahai, Director of Public Policy and Communications at ofo.
However, in other European cities, local authorities are clamping down on unregulated bike-sharing schemes. Ola announced the launch of Ola Pedal, its cycle-sharing option, now in the pilot stage at the IIT Kanpur campus. Amit Gupta, Co-Founder of InMobi, last month launched Yulu, a bike-sharing platform.