Chinese bike rental firm ofo to launch in India partnering Paytm
Beijing-based bike rental service Ofo will launch its services in India in a tie-up with Paytm.
Reportedly, the Ofo bicycle sharing app will be available on Paytm app along with its standalone mobile app.
The move makes sense as Alibaba is a major investor in both the companies. While Paytm already has a stronghold in the Indian digital payments segment, it will now help Ofo to expand its operations in the country. Ofo raised USD 700 million from Alibaba in July 2017.
Valued at USD 2 billion, the unicorn is expected to launch the bike rental services first in Chennai, followed by Ahmedabad, Indore, and Bengaluru. Users can avail bike rental services at a price of USD 1 per hour.
Since its inception in 2014, the bike rental startup has secured USD 1.29 billion in eight rounds from up to 21 investors including Ant Financial, Didi Chuxing, DST Global, Shunwei Capital, Coatue Management, Citic PE, Hony Capital, Matrix Partners China, ZhenFund, GSR Ventures, Will Hunting Capital and Hongdao Capital.
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