Masayoshi Son’s SoftBank Group is in talks to invest in Chinese bike rental firm Ofo, people familiar with the matter said, the latest sign of how the hugely popular bike-sharing business in China is drawing big name investors.
Ofo’s backers already include Chinese e-commerce company Alibaba Group, ride-sharing giant Didi Chuxing and venture capital firm DST Global. Just last week, Beijing-based Ofo announced a $700 million funding round led by Alibaba and two Chinese private equity firms. That round valued Ofo at about $3 billion, according to a person familiar with the fundraising. Any SoftBank investment would be in addition to last week’s round.