Alibaba chases down Ofo for $700m series E

Jul 6, 2017 • Robert Lavine

Alibaba has joined bike sharing platform Ofo's investor base, co-leading a $700m round with Hony Capital and Citic Private Equity that included Didi Chuxing.

E-commerce group Alibaba has co-led a $700m round series E round for China-based bicycle sharing service Ofo, Bloomberg reported yesterday.

The round was co-led with Hony Capital, the private equity firm formed by conglomerate Legend Holdings, and Citic Private Equity, a branch of asset management firm Citic, and included on-demand ride platform Didi Chuxing and investment firm DST Global.

Founded in 2014, Ofo operates a service that enables users to rent bikes using a mobile app. It has more 100…

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