PE Daily, 8/02/17
Shanghai-based Qidi Intelligent Technology, developer of mobile electric bicycle-sharing service DD Go, recently announced the completion of RMB 50 mln in angel funding in April from its previous seed investor. The funding will be used for e-bike deployment and R&D of a new model, the "Small C" moped.
Qidi, founded on August 24, 2016, finished the prototype of its first bicycle model, "Small Q," in mid-September last year. The Small Q had a manufacturing cost of about RMB 3,800, a traveling distance of 65 km on in lithium battery, and weight of 75 kilograms. The green e-bike is primarily made of ABS plastic.
DD Go launched the second generation Small Q after the 2017 Chinese New Year in a number of test locations, including Shanghai's Binjiang University Town and Wuxi's Lianghong Wetlands Park. The e-bike costs about RMB 3,200 to produce and comes in a dockable and dockless model.
Users must pay an RMB 299 deposit, unless they have a Sesame Credit score higher than 650, and the e-bike costs RMB 1 per fifteen minutes of use. DD Go also promotes longer-term rental packages, such as RMB 15 for 4 hours. The Small Q e-bike requires return to designated zones, with some models needing to be returned to the charging dock for the rental to be considered completed.
DD Go has currently deployed a total of 1,000 Small Q e-bikes in 15 locations, including Shanghai, Guangzhou, and Wuxi.