Ofo Keeps Pedals Moving With New Funding

Remigio Civitarese
Marzo 14, 2018

From Monday the bike-sharing schemes will expand into Southwark, south London, with Ofo confident most other boroughs in the capital will join by the end of 2018.

Ofo claims that this is the largest amount raised in a round by a bike-sharing company so far.

The company said 70 of its first 1,000 bikes had disappeared, but undaunted, it is pressing ahead with expansion.

But as of December, Caixin learned from sources close to the matter that the merger plan was suspended due to opposition from both management teams, who were concerned that any deal would grant Didi, which has a 25% stake in Ofo, greater control of the new company.

Mobike, which is backed by internet giant Tencent Holdings Ltd, said this year it will launch its own car-sharing platform.

(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. But there has been continued speculation that despite the intensity of competition, investors may force the two firms to merge into one global player.

Leeds is to become the next big city in line for the yellow Ofo bikes, with a launch expected in spring. "We have approved a new wave of bikes to be introduced to the city", Sheffield City Councilor Jack Scott said.

In the past few months, ofo has made its presence strongly felt in India.

Bike-sharing seems to be the next big thing in India.

Last week, Lisbon began removing all bicycles belonging the oBike share scheme, which began appearing on streets early last month.

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