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Alibaba : Chinese bike-sharing firm Ofo raises $866 million led by Alibaba

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03/13/2018 | 05:37am CEST

BEIJING (Reuters) - Chinese bike-sharing firm Ofo has raised $866 million (623.07 million pounds) in new funding led by Alibaba Group Holding Ltd (>> Alibaba Group Holding), in what it said was the largest investment garnered in a single round by a bike-sharing startup.

BEIJING (Reuters) - Chinese bike-sharing firm Ofo has raised $866 million (623.07 million pounds) in new funding led by Alibaba Group Holding Ltd, in what it said was the largest investment garnered in a single round by a bike-sharing startup.

The latest fundraising comes as Ofo and arch-rival Mobike, the biggest bike-sharing firms in China, have been expanding rapidly overseas as well as launching new services at home and offering a greater variety of bicycles.

"Ofo has been transitioning from a phase of rapid growth to a stage of high-quality development," founder and CEO Dai Wei said in a statement.

Ofo did not disclose an updated valuation for the firm. Prior to a $700 million funding round in July 2017, Dai said Ofo was worth upwards of $2 billion.

In addition to Alibaba, an existing investor, Alibaba affiliate Ant Financial and Chinese venture capital firms, Haofeng Group, Tianhe Capital and Junli Capital participated in the round, the statement said.

Ofo's previous investors include ride-hailing firm Didi Chuxing, which has integrated Ofo features into its own bike sharing platform.

It said it has roughly 200 million users globally and is operating in 250 cities in 21 countries.

Mobike, which is backed by internet giant Tencent Holdings Ltd, said this year it will launch its own car-sharing platform.

(Reporting by Cate Cadell; Editing by Edwina Gibbs)

Stocks treated in this article : Tencent Holdings Ltd, Alibaba Group Holding
Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING -1.56% 169.83 Delayed Quote.0.06%
TENCENT HOLDINGS LTD -3.56% 336.2 End-of-day quote.-17.56%
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Financials (CNY)
Sales 2019 396 B
EBIT 2019 122 B
Net income 2019 68 875 M
Finance 2019 208 B
Yield 2019 -
P/E ratio 2019 45,41
P/E ratio 2020 30,87
EV / Sales 2019 7,47x
EV / Sales 2020 5,23x
Capitalization 3 169 B
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Number of Analysts 46
Average target price 1 528  CNY
Spread / Average Target 29%
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NameTitle
Yong Zhang Chief Executive Officer & Director
John Michael Evans President & Director
Yun Ma Executive Chairman
Wei Wu Chief Financial Officer
Jian Feng Zhang Chief Technology Officer
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