Off the wire
• Report: Saudi Aramco says no decision to stop oil supply to Egypt  • Spotlight: Trump, Clinton hit each other hard with scandals in 2nd U.S. presidential debate  • 1st LD-Writethru: Xi to visit Cambodia, Bangladesh, attend BRICS summit in India  • Mogao Caves open to photographers for the first time  • Roundup: Samsung adjusting Galaxy Note 7 supply after production halt report  • Polio cases reach 8 in Afghanistan so far this year: official  • 2nd LD-Writethru: Premier Li arrives in Macao  • China treasury bond futures close higher Monday  • Chinese shares close higher Monday  • China Hushen 300 index futures close higher Monday  
You are here: 　 Home

Chinese bicycle-sharing service secures financing

Xinhua, October 10, 2016 Adjust font size:

Chinese bicycle-sharing service, ofo bicycle announced successful C round financing of about 130 million U.S.dollars on Monday as investors rushed to tap the growing bicycle-sharing community.

The funding mainly came from American hedge fund Coatue, Chinese Internet giant Xiaomi and CITIC Private Equity.

The startup also received millions of U.S.dollars of funding from China's top car-hailing service Didi Chuxing as part of a strategic collaboration agreement in late September.

The bike service, which runs via a mobile app, started out as a student project in Peking University in 2014. It now has over 70,000 bikes on campuses across 20 cities, with 1.8 million users taking around 500,000 rides every day.

China's nascent bicycle-sharing market has attracted much venture capital, with four Chinese startups, including ofo and Mobike, each raising between 1.49 million U.S. dollars and 100 million U.S.dollars in September. Endi