Alibaba (officially) saddles up for bike-share race

Leading a $700 million-plus round for Ofo – after its affiliate Ant Financial’s previous investment – Alibaba is now taking on Tencent in China’s bike-sharing battle.

Alibaba (officially) saddles up for bike-share race

Dai Wei, the 26-year-old co-founder and CEO of yellow-hued bike-sharing platform Ofo, made a telling comment earlier this year.

Speaking on completion of the firm's $450m D-round financing on March 1, Dai told reporters The real race will begin in July.

On Thursday, it became clear what he meant the Beijing-based start-up announced it had raised more than $700 million in Series E funding, led by perhaps the biggest name yet...

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