Bike-sharing provider oBike wheels ahead with US$45m funding boost

Bike-sharing provider oBike wheels ahead with US$45m funding boost

obike hdb block
File photo of oBikes parked at a bike rack in an HDB block. (Photo: Elizabeth Khor)

SINGAPORE: Bike-sharing service provider oBike said on Wednesday (Aug 16) it had raised US$45 million (S$61.5 million) in fresh funds.

In a press release, the homegrown company said its series B funding round investors include Grishin Robotics, a venture capital firm founded by Dmitry Grishin who is co-founder and chairman of Mail.Ru Group, and a "leading global transformation platform".

The new funds will help the company become a global player, it said. The company has set up operations in more than 10 countries such as Australia, Germany, Malaysia, Netherlands, Taiwan, Thailand and United Kingdom since its launch here in January. 

The latest injection of funds will help it compete with rivals such as Mobike and ofo as they all look to expand their market share. China-headquartered ofo, for instance, raised US$700 million in July and said it will deploy 20 million bicycles by the end of the year.  

Source: CNA/kk

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