One of China’s two billion-dollar-costing bike-sharing enterprises, Ofo has declared that it increased a $700 million Series E funding round that is managed by e-commerce giant Alibaba, Hony Capital and CITIC Private Equity. Current supporters consisting ride-sharing company Didi and DST Global also participated.
It is for the first time Alibaba has formally tossed its share into China’s rapid-developing bike sharing field, has grown to exchange cabs, ride-hailing apps and another conveyance choices for lot of people doing small tour all over China. Customers easily scan the QR code on a bike to begin their ride and, with every bike bringing a GPS chip,they cab be left anyplace when complete.
Ant Financial, its finance-targeted branch, spent in Ofo in April, and currently the parent company itself has pursued to lead this financing round. (It’s turn into fairly ordinary to see an Ant Financial investment as a forerunner to an Alibaba investment.) Ofo earlier lifted a $450 million Series D led by DST in February that costing the company at over $1 billion for the first time.
This recent round is the biggest that the bike-sharing industry has look to date, just moving ahead of the $600 million round that Ofo’s close competitor Mobike increased last month. Especially Mobike calculates Alibaba’s arch enemy Tencent between its financial supporter.
“Ofo is committed to providing global users with a convenient, efficient, green and healthy way of travel,” Dai Wei, founder and CEO of Ofo, said in a statement. “We will further upgrade our service for better user experiences, accelerate our global expansion strategy, and continue to lead the bike-sharing industry.”
As its introduce couple of years back, Ofo stated it has supplied above 2 billion bike rides to more than 100 million customers. In specific, it stated it has linked 6.5 million bikes to riders in 150 towns around the five countries- with maximum movement of 25 million rides each day.
Moving ahead, the company stated it aims to increase its fleet to above 20 million bikes. It currently developed abroad into the UK, having previously combined the U.S. and Singapore, and it aims to develop to deal with 200 cities towards the end of 2017.
That’s a quite same focus to Mobike, that itself is planning to enter 200 cities across the world with a target on developing its presence in Europe and Asia. Mobike recently declares over 100 million customers, too, with a presence in 100 cities.