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ofo Raises $866 Million in Latest Funding Round Led by Alibaba

By   /  March 13, 2018  /  Comments Off on ofo Raises $866 Million in Latest Funding Round Led by Alibaba

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Source: Media Outreach
Headline: ofo Raises $866 Million in Latest Funding Round Led by Alibaba
SINGAPORE– Media OutReach – Mar 13, 2018 – ofo,the world first and largest station-free bike-sharing platform, announced a new$866 million round of funding led by Alibaba Group, with participation from HaofengGroup, Tianhe Capital, Ant Financial and Junli Capital. The strategic financingpresents the highest funding record in the bike-sharing industry and marks anew era for operational efficiency of the bike-sharing system.

As a precedent ofasset mobilization in the bike-sharing industry, ofo uses a combination of debtand equity financing for this round. ofo will drive long-term successindependently with the continuing support of leading investors.

Dai Wei, founder and CEO of ofo said: “As the global leader in the bike-sharingsector, ofo has been transitioning from a phase of rapid growth to astage of high-quality development. ofo will continue to put our customersfirst and lead the bike-sharing industry with technological innovation andefficient operations.”

According to the recent industry report, ofo hasalready achieved dominant market place globally. The service improvesthe urban transport environment by reducing trafficcongestion, saving energy and promoting better living.It is expected that the global number of shared bike users will increase to 1billion in the next two years.

Todate, ofo has operations in over 250 cities across 21 countries alongsidewidespread usage by over 200 million global users with more than 6 billionefficient, convenient and green rides, totaling to 32 million rides per day.

About ofo
Foundedin 2014, ofo is the world’s first and largest station-free bike-sharingplatform operated via an online mobile application. ofo is created for sharingand aims to unlock every corner of the world by making bikes accessible toeveryone. To date, ofo has connected travelers in over 250 cities across 21countries with more than 10 million bikes, generating more than 32 milliondaily transactions. In total, its platform has provided over 200 million globalusers with 6 billion efficient, convenient and eco-friendly rides.

ofo Brand Guide
The logo ‘ofo’ resembles a personriding a bicycle towards the west, where the two ‘o’ represents the front andrear end of the bicycle wheel and the ‘f’ is the user.
Do’s: Please spell our companyname as ‘ofo’Don’ts: Please do not spell ofo as ‘Ofo’ or ‘OFO’
Published and distributed with permission of Media-Outreach.com.

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