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China's Didi Chuxing to launch bike-sharing platform and brand

Reuters  |  SHANGHAI 

(Reuters) - Chinese ride-hailing application Chuxing plans to launch a bike-sharing platform within its app that will host partner firms such as as well as its own bike-sharing brand, the company said on Tuesday.

Chuxing, China's biggest ride-hailing firm which counts as an investor, said in a press release that it had also reached a cooperation agreement with Chinese bike-sharing firm Bluegogo, which will be hosted on the platform.

The company will also introduce deposit-free arrangements, it added.

has been caught up in a bike-sharing craze over the past year but the business has started to show signs of strains with a number of companies folding.

The two markets leaders, and Mobike, have raised billions of dollars from tech giants including and Tencent Holdings Ltd, while has also invested in

Some companies have also announced plans to enter the Chinese ride-hailing sector. On Sunday, said it would take a 10 percent stake in Mobike's recently launched car-sharing unit.

(Reporting by Brenda Goh; Editing by Stephen Coates)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, January 09 2018. 10:30 IST