Founded in 2014, station-free bike-sharing platform, ofo announced a fresh round of funding of $866 million led by Alibaba Group and participation firm Haofeng Group, Tianhe Capital, Ant Financial and Junli Capital. The round also marks the highest funding record in the bike-sharing industry and marks a new era for operational efficiency. ofo has used a combination of debt and equity financing for the round.
ofo has been looking to change the concept of urban mobility and launched into the Indian market earlier this year when they tied up with the Pune Municipal Corporation for the Pune Cyle Plan. The brand has launched a series of pilot projects in select gated communities, educational campuses, IT campuses and public parks across seven cities including Chennai, Pune, Indore, Ahmedabad, Bangalore, and Delhi.
Dai Wei, founder and CEO of ofo said: “As the global leader in the bike-sharing sector, ofo has been transitioning from a phase of rapid growth to a stage of high-quality development. ofo will continue to put our customers first and lead the bike-sharing industry with technological innovation and efficient operations.”
Currently, ofo operates in over 250 cities across 21 countries alongside widespread usage by over 200 million global users with more than 6 billion rides, totaling to 32 million rides per day. As per the company, from April to June of 2017 alone, users worldwide accumulated a riding distance of over 1.2 billion kilometers, reducing 84 million liters of fuel consumption and 265,000 tons of carbon dioxide.
In July, the Beijing-based bike-sharing platform completed a Series E funding of $700 million, making them the world’s biggest and most valued bike-sharing company.