Briefing: Hello TransTech secures RMB 4 billion in funding

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哈啰出行完成近40亿元新融资,春华资本、蚂蚁金服联合领投 – Jiemian

What happened: Hello TransTech investors have revealed recently that the Chinese bike-rental firm closed a funding round of nearly RMB 4 billion (around $580 million) in September, sources said. The funding was led by Primavera Capital Group and Alibaba affiliate Ant Financial. A company spokesperson confirmed the funding to TechNode today, though no details or figures were provided. Backed by Alibaba since 2017, Hello TransTech is now one of the main players in China’s bike-sharing market. It was formerly known as HelloBike.

Why its important: According to Hello COO Han Mei, the company operates bike-sharing services in over 300 cities in China, with nearly 24 million orders per day. The company says it holds more than 50% market share in terms of numbers of orders. China’s bike-sharing industry has faced troubles recently. Ofo is reportedly on the verge of bankruptcy while rumors of layoffs at Mobike proliferate. Focused on expanding in second- and third-tier Chinese cities, Hello TransTech plans to push into car-sharing services and even ride-hailing.