Chinese bike-sharing startup Ofo raises $700M led by Alibaba
Ofo, one of China’s two billion-dollar-valued bike-sharing companies, has announced that it raised a $700 million Series E funding round led by e-commerce giant Alibaba, Hony Capital and CITIC Private Equity. Existing backers, including ride-sharing firm Didi and DST Global, also took part. This is the first time Alibaba has officially thrown its lot into China’s fast-growing…
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