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Bike-sharing start-up Ofo raises USD 866 million

Press Trust of India  |  Chennai 

Bicycle-sharing platform provider, today said it has raised USD 866 million in a round of funding led by the

The funding also saw participation from Haofeng Group, Tianhe Capital, and

The strategic financing presents the highest funding record in the bicycle-sharing industry, said in a statement.

"As a precedent of asset mobilisation in the bike-sharing industry, uses a combination of debt and equity financing for this round," the statement said.

"As a 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 Founder-CEO, said.

"Ofo will continue to put our customers first and lead the bike-sharing industry with technological innovation and efficient operations," he said.

Ofo currently has operations in 21 countries with over 200 million global users totalling to 32 million rides per day, the statement said.

In January, Ofo announced foray in with a pilot project launched at in Coimbatore.

Under the initiative, ofo would deploy 100 plus bi-cycles across the entire campus and would be available as a means of easy commute.

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

First Published: Tue, March 13 2018. 15:00 IST