Chinese Bicycle sharing startup exits from Indian market.
Chinese bicycle sharing startup Ofo has decided to wind up its Indian operations as part of the firm’s new global strategy. The unexpected development comes barely six months after Alibaba backed Ofo had launched its services in India with an aim to create robust bicycle sharing ecosystem in…
Ofo Raises $866 Million from Alibaba
Beijing based bike-sharing startup Ofo has raised whopping $866 million in a new funding round led by Chinese giant Alibaba Group. The funding round consisted of debt as well as equity financing. The other participants in the round included Ant financial (Alibaba’s subsidiary company) Haofeng Group, Tianhe Capital and Junli…
