Chinese Bike-Sharing Giant Ofo Raises $450M in Strategic Funding Round
Beijing-based bike-sharing startup Ofo has secured $450 million in its latest funding round, intensifying its battle with rival Mobike in China’s rapidly expanding shared mobility sector. The investment highlights the fierce competition in one of Asia’s most dynamic tech markets.
Key Investors Back Ofo’s Expansion
The funding round attracted high-profile backers including:
- DST Global (notable investor in Facebook and Airbnb)
- Didi Chuxing (China’s ride-hailing leader)
- CITIC Private Equity (financial giant’s investment arm)
This capital injection comes just weeks after Mobike’s $215 million funding round led by Tencent and Warburg Pincus, signaling strong investor confidence in China’s bike-sharing economy.
The Bike-Sharing Revolution in China
Ofo and compe*****s are transforming urban mobility through:
- App-based rentals (locate, unlock, and pay via smartphone)
- Millennial-focused solutions for congested cities
- Cost-effective alternatives to traditional transport
Market Dominance and Growth Trajectory
Since its 2015 launch, Ofo has achieved:
- 20+ million registered users
- Nationwide coverage across Chinese cities
- Previous backing from Xiaomi and Didi Chuxing
The bike-sharing sector continues to attract significant venture capital as urban populations embrace sustainable, tech-driven transportation options. With this latest funding, Ofo is positioned to expand its fleet, enhance technology, and compete more aggressively in China’s crowded but lucrative shared mobility market.
Market analysts suggest this investment round could accelerate consolidation in China’s bike-sharing industry, where dozens of operators currently compete for market share.
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