Bike-sharing firm ofo raises over US$700m in latest funding round

CHINA-based bike-sharing firm ofo has raised more than US$700 million in its latest round of funding, it said on Thursday.

The series E financing round is being led by Alibaba Group, Hony Capital and Citic Private Equity, with further contributions from current investors Didi Chuxing and DST Global.

Executive vice-chairman of Alibaba Group, Joe Tsai said: "ofo has redefined short-distance commuting, enabling a low-carbon footprint experience and delivering value to users and society."

According to ofo, it has connected more than 6.5 million bikes to riders in 150 cities across five countries. The company plans to deploy 20 million bikes, growing its service to reach 200 cities in 20 countries by the end of 2017.