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Ride-hailing giant Didi Chuxing seeks new transportation market: bicycles

The Chinese taxi-hailing giant, which is in the final stages of acquiring Uber’s business in China, has made an investment in a new startup called Ofo, which lets people borrow bikes, reports TechCrunch. In China 30 million students ride bicycles every day. Ofo is tapping into that large market pool by allowing those students to hire a cheap bicycle for the day. Though exact specifics aren’t known, Didi’s investment in Ofo is said to be “tens of millions” in size and will provide the foundation for “a multi-layered partnership.”