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.
Yellow bikes belong to Ofo
Yellow bikes belong to Ofo

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 to take a slice of China's bike-sharing craze e-commerce behemoth Alibaba Group.

The announcement came less than a month after bike-sharing rival Mobike raised $600 million from a consortium led by...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222