SINGAPORE: Chinese bicycle-sharing start-up ofo plans to deploy 20 million bicycles by the end of this year, after it raised US$700 million (S$966 million) in its latest funding round, the company said on Thursday (Jul 6).
The company said its latest funding boost is the largest raised in the bike-sharing industry to date, and the funding round is led by Alibaba, Hony Capital and Citic Private Equity. Current investors such as China's ride-hailing giant Didi Chuxing and DST Global also participated, the press release added.
The additional funds will help ofo reach 200 cities in 20 countries across the globe, up from its current 6.5 million bikes that ply 150 cities in five countries, it said.
The start-up added that China Telecom will provide nationwide wireless Internet coverage for its business, while Huawei has equipped its bicycles with Narrow Band Internet of Things (NB IoT) chips and other telecom technologies.