Alibaba, which reportedly acquired $3bn worth of Ofo shares in a secondary transaction earlier this year, has provided another $280m in debt financing.
China-based bicycle rental platform Ofo has secured RMB1.77bn ($280m) in financing from e-commerce group Alibaba, Asia Times reported today, citing local publication The Paper.
Founded in 2014, Ofo operates a dockless bicycle sharing service that counted 200 million registered users globally as of the end of 2017.
Ofo pledged its bike assets twice to secure the debt financing according to The Paper, a similar approach to one it chose when it raised $79m from Shanghai Yunxin Venture Capital, an affiliate…
