China’s nascent bike-sharing industry has attracted more than 100 million users just a year after its debut in the country’s tech scene, as startups backed by Tencent and Alibaba touted free rides and carpeted urban sidewalks with millions of bikes.
China’s bike-sharing startup XiaoMing Bike announced that it has received hundreds of millions of yuan in its series B round funding. The company plans to accelerate its strategy of electronic parking lane nationwide to improve user experience.
China's bike-sharing platform Ofo announced that it has received more than USD 700 million in its series E round funding. The round had Alibaba, Hony Capital and CITIC as the lead investors and also involved Didi Chuxing and DST.