Global expansion: A pedestrian walks past parked Ofo bicycles on a sidewalk in Shanghai. The company is eyeing global expansion amid rising domestic expansion. — Bloomberg
BEIJING: Chinese bike-rental startup Ofo Inc raised more than US$700mil in its latest funding round to expand its business globally amid rising domestic competition with Beijing Mobike Technology Co and more than a dozen rivals.
The series E round is led by billionaire Jack Ma’s Alibaba Group Holding Ltd, Hony Capital and Citic Private Equity, according to an emailed statement sent by Ofo.
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