ofo is reportedly pulling its operation in South Korea after less than a year in the country. The Korea Herald first broke the news that ofo has begun retreating from the market and has already suspended most of the employees, which is regarded as part of a general layoff process.

“Though it has yet to completely terminate its business here, ofo Korea is in the process of letting go of most of its workers, putting them on a ‘task suspension,’” an unnamed source told local media. As of Tuesday, the ofo app was still functioning and available for download in Korea’s Google Play store, the bikes were also available for rental.

The Chinese bike-rental company forayed into Korea this January, launching a small-scale pilot in Busan, the country’s second-largest city, and deploying around 2,000 bikes across the city. However, the company has not expanded its operation into Seoul, the capital city, which it would have faced fiercer competition with the established public bike rental system in place.

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

What you get

Full access to all premium content and our full archives

Members'-only newsletters

Preferential access and discounts to all TechNode events

Direct access to the TechNode newsroom

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

Nicole Jao

Nicole Jao is a reporter based in Beijing. She’s passionate about emerging trends, news, and stories of human interest within the world of technology. Connect with her on Twitter or via email: nicole.jao.iting@gmail.com.