Top Page | English | 简体中文 | 繁體中文 | 한국어 | 日本語
Tuesday, 13 March 2018, 17:10 HKT/SGT

Source: ofo
ofo Raises $866 Million in Latest Funding Round Led by Alibaba

SINGAPORE, Mar 13, 2018 - (Media OutReach) - ofo, the world first and largest station-free bike-sharing platform, announced a new $866 million round of funding led by Alibaba Group, with participation from Haofeng Group, Tianhe Capital, Ant Financial and Junli Capital. The strategic financing presents the highest funding record in the bike-sharing industry and marks a new era for operational efficiency of the bike-sharing system.

As a precedent of asset mobilization in the bike-sharing industry, ofo uses a combination of debt and equity financing for this round. ofo will drive long-term success independently with the continuing support of leading investors.

Dai Wei, founder and CEO of ofo said: "As the global leader in the bike-sharing sector, ofo has been transitioning from a phase of rapid growth to a stage of high-quality development. ofo will continue to put our customers first and lead the bike-sharing industry with technological innovation and efficient operations."

According to the recent industry report, ofo has already achieved dominant market place globally. The service improves the urban transport environment by reducing traffic congestion, saving energy and promoting better living. It is expected that the global number of shared bike users will increase to 1 billion in the next two years.

To date, ofo has operations in over 250 cities across 21 countries alongside widespread usage by over 200 million global users with more than 6 billion efficient, convenient and green rides, totaling to 32 million rides per day.

About ofo
Founded in 2014, ofo is the world's first and largest station-free bike-sharing platform operated via an online mobile application. ofo is created for sharing and aims to unlock every corner of the world by making bikes accessible to everyone. To date, ofo has connected travelers in over 250 cities across 21 countries with more than 10 million bikes, generating more than 32 million daily transactions. In total, its platform has provided over 200 million global users with 6 billion efficient, convenient and eco-friendly rides.

ofo Brand Guide
The logo 'ofo' resembles a person riding a bicycle towards the west, where the two 'o' represents the front and rear end of the bicycle wheel and the 'f' is the user.

Do's: Please spell our company name as 'ofo'
Don'ts: Please do not spell ofo as 'Ofo' or 'OFO'

Media Contacts

Mar 13, 2018 17:10 HKT/SGT
Topic: Press release summary
From the Asia Corporate News Network

Copyright © 2018 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

Latest Press Releases
PSB Academy Bags Regional Award for its Relaunch of a Singapore Education Icon  
Mar 17, 2018 11:00 HKT/SGT
Ruifeng Power Announces 2017 Annual Results; Revenue Increased by 4.5%  
Mar 17, 2018 00:00 HKT/SGT
Hong Kong and Brazil sign MOU on investment promotion co-operation  
Mar 16, 2018 22:30 HKT/SGT
Northern New Energy Announces 2017 Annual Results  
Mar 16, 2018 22:21 HKT/SGT
DOCOMO Launches AI Engine for Fast, Accurate Shelf Analysis  
Mar 16, 2018 18:08 HKT/SGT
NEC Expands Services from Space  
Mar 16, 2018 16:10 HKT/SGT
Toyota Accelerates Use of Hydrogen at its Plants  
Mar 16, 2018 13:06 HKT/SGT
Joy City Property Announced 2017 Annual Results  
Mar 16, 2018 12:11 HKT/SGT
Alibaba Cloud's Indonesian Data Center Commences Operation  
Mar 16, 2018 11:05 HKT/SGT
MHPS: Full-scale Construction of Coal Gasification Furnace Begins at 540 MW IGCC Plant in Fukushima  
Mar 16, 2018 10:49 HKT/SGT
More Press release >>
 News Alerts
Copyright © 2018 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Privacy Policy | Terms of Use | RSS
US: +1 800 291 0906 | Beijing: +86 10 8405 3688 | Hong Kong: +852 2217 2912 | Singapore: +65 6304 8926 | Tokyo: +81 3 6721 7212

Connect With us: