ofo, world first and largest station-free bike-sharing platform raises $866 Million in latest funding round led by Alibaba

ofo, the world first and largest station-free bike-sharing platform, announced a new $866 million round of funding led by Alibaba Group, with participation from Haofeng Group, Tianhe Capital, Ant Financial and Junli Capital. The strategic financing presents the highest funding record in the bike-sharing industry and marks a new era for operational efficiency of the bike-sharing system.

As a precedent of asset mobilization in the bike-sharing industry, ofo uses a combination of debt and equity financing for this round. ofo will drive long-term success independently with the continuing support of leading investors.

Dai Wei, Founder & CEO of ofo said

As the global leader in the bike-sharing sector, ofo has been transitioning from a phase of rapid growth to a stage of high-quality development. ofo will continue to put our customers first and lead the bike-sharing industry with technological innovation and efficient operations.

According to the recent industry report, ofo has already achieved dominant market place globally. The service improves the urban transport environment by reducing traffic congestion, saving energy and promoting better living. It is expected that the global number of shared bike users will increase to 1 billion in the next two years.

To date, ofo has operations in over 250 cities across 21 countries alongside widespread usage by over 200 million global users with more than 6 billion efficient, convenient and green rides, totaling to 32 million rides per day.

About ofo

Founded in 2014, ofo is the world’s first and largest ‘station-free’ bike-sharing platform operated via an online mobile application. The development of ofo platform was inspired by the concept of sharing economy and facilitated by smartphone technology, aiming to tackle ‘the last mile’ challenge in urban areas.

As of today, ofo is ramping up operations in over 250 cities across 21 countries. It generates 32 million transactions daily and has provided over 200 million global users with 6 billion efficient, convenient and green rides, which have reduced carbon emissions by over 3.24 million tons in total, the equivalent of saving more than 920 million liters of gasoline or reducing 1.55 million tons of PM2.5 emissions. For more information, please visit ofo