XiaoMing Bike secures a millions-of-yuan angel round
Following bike rental ofo’s millions-of-dollar round backed by Didi Chuxing and recent financing of Mobike and YouBai, peer XiaoMing Bike also raised millions of yuan in an angel round.
Bike-sharing startup XiaoMing Bike has received millions of yuan from an angel round, hot on the heels of peer competitor ofo’s B+ round through which it raised tens of millions of US dollars from car-hailing giant Didi Chuxing.
Bicycle sharing has become a booming industry drawing investors’ attention. But due to issues with manufacturing cost and operation model, major players the likes of Mobike and ofo are not expanding very fast.
More players are expected to jump on the bandwagon of bike rental as there are low barriers for designing, manufacturing and operating in the business. It remains to be seen whether the race in bike sharing will be a repeat of the heated battle of the group-purchase sector a few years ago. (Translated by Jerry)