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Asia Venture Capital

Chinese Bike Startup Ofo Raises $866M From Alibaba, Others

Chinese bike-sharing app Ofo said it had raised $866 million in fresh capital. The fundraising consists of an equity investment led by Alibaba as well as a loan provided by Alibaba. This is part of Ofo’s $1 billion-plus round that was previously reported in the media a few months ago. Ofo says it still plans to raise an additional portion in the second part of the funding round. While some of Ofo’s existing shareholders may find the latest Alibaba-led fundraising reassuring, questions remain about Ofo’s increasingly complicated relationship with its major shareholder Didi Chuxing. Didi, China’s biggest car-hailing firm, launched its own bike-sharing platform in January.

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