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Asia Startups

China’s $30B Startup Meituan Buys Bike-Rental App Mobike


China’s Meituan, a $30 billion startup whose app offers meal delivery and other on-demand services, agreed to buy bicycle-rental app Mobike. Meituan has been expanding beyond its core food business to offer many new services including ride-sharing, where it is trying to challenge the biggest player Didi Chuxing. With the acquisition of Mobike, Meituan is entering yet another crowded battlefield. And one big question is how Alibaba and Didi will respond to rival Meituan’s latest move. China’s bike-sharing market has exploded in the past two years and Mobike faces competition from Ofo, which recently raised some funds from Alibaba. Alibaba affiliate Ant Financial backs another bike app called Hellobike, while Didi in January launched its own bike-sharing platform. 

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