Bike Sharing Platform Ofo Grabs $866Mn Funding Led by Alibaba Group
Bike sharing platform, ofo, closed $866 million round of funding led by Alibaba Group Holdings Ltd. Haofeng Group, Tianhe Capital, Ant Financial and Junli Capital also participated in the round.
Ofo is the world’s first and largest station-free bike sharing platform.
Bike sharing platform Ofo was founded in 2014 in Beijing, China with the vision to providing the best short distance transportation solution, solving the “last mile” transportation problem by turning the last mile into a green, low-emission trip.
Ofo used a combination of debt and equity financing for this round. Ofo will drive long-term success independently with the continuing support of leading investors.
Dai Wei, founder and CEO of ofo said, “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.”
To date, ofo has connected more than 10 million bikes to over 200 million users in more than 20 countries: Australia, Austria, China, Czech Republic, France, Germany, Hungary, India, Israel, Italy, Japan, Kazakhstan, Malaysia, Portugal, Russia, Singapore, Spain, Thailand, the Netherlands, the UK, and the US.
The platform generates more than 32 million daily transactions and has provided global users in 250+ cities with over 6 billion efficient, convenient, green rides.
In July 2017, ofo has completed Series E funding of US$700 million, becoming the world’s biggest and most valued bike-sharing company.
In India, Ofo launched its operations in December last year and in January this year tied up with Pune Municipal Corporation (PMC) to support the Pune Cycle Plan.
Other players in the bike sharing space are Ola Pedals, Zoomcar Pedl and Yulu.