Bloomberg Tech – Ofo Eyes Global Expansion After Raising More Than $700 Million

Ofo has grand ambitions to operate 20 million bikes in 20 countries by the end of the year.

July 5, 2017

‘Chinese bike-rental startup Ofo Inc. raised more than $700 million in its latest funding round to expand its business globally amid rising domestic competition with Beijing Mobike Technology Co. and more than a dozen rivals.

The series E round is led by billionaire Jack Ma’s Alibaba Group Holding Ltd., Hony Capital and Citic Private Equity, according to an emailed statement sent by Ofo. The company’s earlier investors, car hailing platform Didi Chuxing and DST Global, also took part in the financing. The company declined to comment on valuation.’

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