Ofo was a pioneer in China
Around 11.7 million customers of cash-stretched Ofo are currently waiting for deposit refunds according to information on its app as of Thursday morning, which means the Beijing-based bike sharing start-up needs to return at least 1.16bil yuan (RM700,000) back to users.
Early users of Ofo were asked to pay a 99 yuan (RM60) deposit, which was later raised to 199 yuan (RM120), before they could rent a bike through the service. Users could request a deposit refund anytime via the Ofo app but there was a waiting period of 15 working days for the refund to be received, according to deposit refund instructions.
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