Alibaba has bought $3bn of shares in Ofo from another existing backer, GSR Ventures, according to a relative of GSR's managing director.
E-commerce firm Alibaba has bought $3bn worth of shares in China-based bicycle rental platform Ofo from investor Allen Zhu, Technode has reported, citing comments by Zhu’s brother-in-law Ou Chengxiao.
Alibaba acquired the shares at a $10bn valuation, according to Chengxiao, though the stake was likely held by GSR Ventures, the venture capital firm that backed Ofo at series A, B and C stage, for which Zhu is managing director.
Founded in 2014, Ofo runs an app-based bicycle rental platform that…
