ofo, a Beijing, China-based bike-sharing company, raised over $700m in a Series E round of financing.
The round was led by Alibaba Group, Hony Capital and CITIC Private Equity, with participation from current investors DST Global and Didi Chuxing.
Launched in June 2015 by David Wei, founder and CEO, ofo is China’s largest bike-sharing platform with over 6.5 million bikes in use, generating over 25 million daily rides in over 150 cities across five countries.
The company intends to use the funds to expand operations and business reach aiming to deploy – by the end of 2017 – 20 million bikes in 200 cities across 20 countries worldwide.
CEC Capital served as the exclusive financial advisor to ofo in the transaction.