Chinese bike-sharing firm Ofo announced today that it has secured US$ 450 million (around RMB 3.1 billion) in its Series D financing, a move that is heating up the already cut-throat competition in this nascent market, our sister site TechNode Chinese is reporting.

The round is led by Moscow-headquartered DST, and other investors in this round include Didi Chuxing, Coatue, Atomic, MatrixPartners China, and CITIC Private Equity Funds Management.

“Ofo is committed to becoming a leading company with worldwide impact. We will lead the whole industry towards a rapid and sound development, and provide convenient short-distance travel services for global users,” said Ofo founder and CEO Dai Wei.

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Sheila Yu

Sheila Yu is a Shanghai-based technology writer. She brings readers the biggest news from Chinese language tech media. Reach her at sheila@technode.com.