Briefing: ofo users descend upon its Beijing office to demand refunds

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Frustrated Shared-Bike Riders Go to Ofo in Search of Refunds – Caixin Global

What happened: More than 100 users of cash-strapped bike-rental platform ofo gathered outside the company’s Beijing office yesterday to demand deposit refunds. The users had paid up to RMB 199 (around $30) to register on the platform. The company allowed batches of people into the building every 10 minutes to make their cases. However, even after showing up users couldn’t immediately get their money. They were asked to write down their personal information and promised refunds within three days.

Why it’s important: ofo users have become increasingly frustrated by the company’s deposit refund policies, which have increased to the initial wait time of three days to 15 days. Even so, some users have reported waiting up to a month for their money to be returned. The company has been in the grips of a cash crunch, retreating from international markets amid rumors of layoffs and a possible acquisition by ride-hailing giant Didi. Most recently, ofo has been partnering with online lenders, promoting the companies’ products within its app as it seeks additional revenue streams.