A consortium which includes Ctrip, Huazhu Hotels (China Lodging Group), Tencent and Warburg Pincus has invested in Chinese bike-sharing start-up Mobike's $215 million D round funding. Tencent and Warburg Pincus are the lead investors, reported Reuters.
Mobike, founded in 2015, is one of several bike-sharing services in China and allows users to find, unlock and pay to rent the company's bicycles through a smartphone app.
Mobike did not disclose its latest valuation, but said that it aims to tap demand from Chinese white-collar workers seeking an alternative to congested roads and public transport in the country's largest cities.
Bike-sharing apps have flourished in the past year, even as investment in other Chinese sharing economy start-ups has cooled.
One of Mobike's main competitors, ofo, recently raised $130 million from investors including smart hardware business Xiaomi Inc and taxi-hailing company Didi Chuxing.
"Our investment in Mobike demonstrates our commitment to supporting the development of the sharing economy and smart cities in China," said Tencent Chairman and Chief Executive Pony Ma in the joint statement.
Previous investors Sequoia Capital and Hillhouse Capital also participated in the D series funding.
Mobike currently operates in nine cities within China and raised $100 million as part of an October funding round in which Tencent also participated.
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