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Chinese bike-sharing startup Ofo just raised $866 million

Chinese bike-sharing startup Ofo just raised $866 million
[Photo: courtesy of Ofo]

The massive haul is the largest investment in a single funding round for a bike-sharing startup, reports CNBC. The funding round was led by Chinese internet giant Alibaba. Ofo says it currently has 200 million users around the world and operates in 250 cities in 21 countries. It will use its latest round of funding to further development in an increasingly competitive market. Ofo’s biggest competitor is Mobike, China’s largest bike-sharing company, which has been rapidly expanding overseas.

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