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Didi Chuxing Invests USD 8-digit Sum in Bicycle Sharing App 'ofo'

Sina Tech, 9/26/16

Xiaoju Kuaizhi Inc ("Didi Kuaidi"), operator of Chinese mobile taxi booking and car hire apps Didi Chuxing and Kuaidi Dache, has made a USD 8-digit strategic investment in Beijing-based Bikelock Technology, operator of bicycle sharing platform "ofo" (the name of the platform, ofo, looks like a person riding a bicycle). Didi Kuaidi and ofo will launch a comprehensive partnership on intracity transportation, and ofo's services will be directly embedded in Didi Chuxing.

Ofo has approximately 70,000 branded bicycles available for rent and has completed more than 15 mln orders for an average of 500,000 orders per day. Ofo is available in 20 cities, providing convenient transportation services for 1.5 mln university students and professors.

Ofo, which is available through its mobile app and official account on Tencent's (0700.HK) WeChat mobile messaging app, allows users to find the location of nearby bikes. Users enter the bicycle's license plate number to unlock the bike for rental. Users can also add their unused bicycle to ofo's network for renting out. Ofo was founded in August 2015.

Editor's Note: According to an official statement ofo e-mailed to Marbridge, the new funding from Xiaoju Kuaizhi ("Didi Kuaidi") comprises ofo's Series C1 round of funding.

Keywords: vehicle rental app Bikelock ofo wireless Xiaoju Kuaizhi Didi Kuaidi Didi Chuxing car hire app taxi booking app M&A funding bicycle sharing

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