Existing investor Alibaba has participated in a round that valued the rapidly expanding bike hire service at $3bn.
China-based on-demand bicycle rental service Ofo has raised $1bn in funding from investors including e-commerce firm Alibaba, the Financial Times reported yesterday, citing two sources familiar with the deal.
The other participants in the round, which valued Ofo at $3bn, have not been disclosed but a report in July 2017, shortly after Ofo’s last round, suggested telecommunications group SoftBank was in talks to lead the $1bn round with backing from ride hailing service Didi Chuxing.
Ofo runs an app-based…
