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Rumor: Alibaba, Investors Pump Additional USD 1 Bln into Bike Share Service Ofo

Tencent Tech, 12/07/17

Beijing-based Bikelock Technology, operator of mobile bicycle-sharing app Ofo, is reportedly finalizing up to USD 1 bln in new funding, according to social media comments by online analyst Qian Hao. Chinese internet conglomerate Alibaba (NYSE: BABA) is reportedly among the round's investors.

A representative for Ofo declined to comment on the matter. In September, Yang Pinjie, co-founder of Ofo, said that the company was in the process of negotiating a new funding round and that the total amount might exceed USD 1 bln.

Ofo previously completed more than USD 700 mln in funding led by Alibaba Group in July this year.

For more information on these topics, please see "Bike Share Service Ofo in Talks to Raise Over USD 1 Bln in New Funding," MD 9/2/17, and "Update: Alibaba Group Leads USD 700 Mln Funding in Bike-sharing Service Ofo," MD 7/06/17 issues.

Keywords: M&A VC funding wireless Alibaba Group BABA Bikelock Ofo Yang Pinjie bicycle sharing

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