Bike-sharing firms Mobike, ofo are seeking billion-dollar new rounds
China's two biggest bike rental companies - Shanghai-based Mobike and Beijing-based ofo, are both raising massive new financing rounds totaling nearly USD 1 billion.
Mobike is raising a new round worth several hundred million U.S. dollars, which would be its series E round 14 months after its official launch. The round would value the young start-up at as much as USD 3 billion.
While at the same time, ofo is looking to raise a maximum of USD 500 million at USD 3 billion in valuation, according to Chinese media reports citing insiders.
Mobike is choosing Manchester and Salford in the UK to kickstart its expansion plans for Europe, after it landed on Singapore in March.
Ctrip took a stake in Mobike through the bike-sharing startup's USD 215 million Series D round at the start of the year, opening up the possibility of a commercial and technical connection between the bike rental firm and other travel suppliers.
Mobike's major investors also include Singapore's state investment firm Temasek Holdings, Chinese investment firm Hillhouse Capital, Tencent Holdings, Foxconn Technology, Warburg Pincus and Chinese hotel operator Huazhu Hotels Group.
Ofo's investors include DST Global, Didi Chuxing, CITIC Private Equity, Coatue Management, Xiaomi Inc., London-based technology investment company Atomico and China's Macrolink Group.
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