Chinese bike-sharing company ofo said it has raised more than $700m in its latest funding round led by Alibaba and Hony Capital, in what it says is the largest round of funding for the growing sector.
Dai Wei, founder and chief executive of ofo said the company would use the funding to upgrade its services for a better user experience and to accelerate its global expansion. Other investors include Citic PE, Didi Chuxing and DST global.
Launched in 2015, the company allows users to unlock bike using a mobile app and is now operating in 150 cities across five countries. It claims to have 6.5m bikes and to have provided 2bn rides and has a target of operating its signature yellow bikes in 20 countries by the end of the year.
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