Alibaba invests $866mn in Beijing-based bicycle-sharing platform

New Delhi [India], Mar. 13 (ANI): Ofo, a station-free bike-sharing platform announced capital infusion to the tune of USD 866 million led by Alibaba Group, thus enabling greater operational efficiency of the bike-sharing system.

As a precedent of asset mobilisation in the bike-sharing industry, ofo uses a combination of debt and equity financing for this round.

"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," said Ofo CEO and co-founder, Dai Wei.

Ofo's 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 one 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 six billion efficient, convenient and green rides, totaling to 32 million rides per day. (ANI)

This story has not been edited. It has been published as provided by ANI