Chinese bike sharing sharing startup Ofo has reportedly raised $1 billion
Kevin Frayer/Getty Images
The Beijing headquartered company reportedly raised the money from Alibaba, which is sometimes referred to as the "Amazon of China," and others.
Ofo did not immediately respond to Business Insider's request for comment.
Ofo was founded in 2014 by five Peking University students. The company's bright yellow bikes can be accessed via an app that uses a bluetooth connection to unlock them. They cost 50p for 30 minutes and can be picked up and dropped off anywhere that bike parking is permitted.
The company, which launched in Paris on Wednesday, raised over £541 million in Series E financing round in July this year.
In November, Ofo said it planned to deploy 20 million bikes on streets in 20 countries across the globe.
Rival firm oBike also operates a dock-free bike sharing scheme. The company was criticised by London councils in July for "littering" the streets with its bikes.
- A centenarian who starts her day with gentle exercise and loves walks shares 5 longevity tips, including staying single
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Having an regional accent can be bad for your interviews, especially an Indian one: study
- Dirty laundry? Major clothing companies like Zara and H&M under scrutiny for allegedly fuelling deforestation in Brazil
- 5 Best places to visit near Darjeeling
- Climate change could become main driver of biodiversity decline by mid-century: Study
- RBI initiates transition plan: Small finance banks to ascend to universal banking status