Ofo raises $866 million in latest funding round led by Alibaba

Ofo raises $866 million in latest funding round led by Alibaba”

It is a combination of debt and equity financing. "Ofo will continue to put our customers first and lead the bike-sharing industry with technological innovation and efficient operations". Alibaba Group also led Ofo's $700 million Series E round past year, which was announced one month after Mobike disclosed that it had received a $600 million Series E led by Tencent.

Leeds is to become the next big city in line for the yellow Ofo bikes, with a launch expected in spring. The company has already made inroads into France, Japan and the United States, and says it is operational in around 20 countries.

It said it has roughly 200 million users globally and is operating in 250 cities in 21 countries.

Last year, ofo entered the United States with 1,000 bicycles in Seattle. New York's Citi Bike, with 10,000 bikes and 236,000 subscribers, is the largest players in the US. Beijing has 700,000 shared bikes, and 11 million registered users, almost half the capital's population.

Bike sharing giant Ofo has been given $280 million in two loans from affiliates of global trade giant Alibaba, according to reports in the far east. More than 6,000 city residents signed up during the first few weeks of the scheme, with Ofo promising to introduce a further 300 bikes this month. It has already tied up with several State governments and is looking at the market closely.

However, in other European cities, local authorities are clamping down on unregulated bike-sharing schemes. As per the company, from April to June of 2017 alone, users worldwide accumulated a riding distance of over 1.2 billion kilometers, reducing 84 million liters of fuel consumption and 265,000 tons of carbon dioxide.

In January, it acquired similarly cash-strapped bike-sharing startup Bluegogo. Ola announced the launch of Ola Pedal, its cycle-sharing option, now in the pilot stage at the IIT Kanpur campus.

YoBykes has also launched its operations in Magarpatta city in Pune.

The expansion plans come despite the decision last week by rival GoBee Bike to abandon European operations after 60 percent of its bikes were vandalized or destroyed within four months of launch.

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