Chinese bike rental company ofo is in talks to raise new financing of more than $1 billion, Reuters is reporting.

Ofo’s co-founder Yang Pinjie, now based in the Moscow, told Reuters that the amount of financing may exceed $1 billion, but refused to disclose that what banks were involved in the talks.

September 22nd was World Car Free Day, encouraging people to use public transportation in the urban areas, either riding a bike or walking. Ofo landed in four European countries on this day, including Russia, Czech Republic, Italy, and Netherlands. Ofo has established a close relationship with a local company Velobike and is expected to begin piloting in Moscow in 2018.

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Eva Yoo

Eva Yoo is Shanghai-based tech writer. Reach her at evayoo@technode.com