Chinese ride-hailing giant Didi Chuxing is reportedly closing an acquisition deal of ofo, the last remaining major independent player in China’s bike-rental industry, local media reported citing people familiar with the matter. The source disclosed that Didi already sent due diligence team to ofo over the past two to three weeks. The two parties are […]
Chinese bike sharing company ofo has hit another speed bump in its international markets. According to media reports, Ofo is pulling operations out in cities in Spain, including Madrid, Granada, Valencia, and Marbella, after entering the country less than a year ago. The company told TechNode that ofo is still operating in Spain, but admitted […]
Ofo’s headquarters have shifted as it faces a reported cash crunch.
The Chinese bike rental firm is reportedly preparing for its bankruptcy reorganization plans.
Chinese ride-hailing behemoth Didi is beta-testing its electric bike rental service in South China, a person with knowledge of the matter told TechNode. Didi is said to have won the initial support of at least three cities. The firm is expected to develop its own bike rental brand, or potentially a separate app, with an access […]
Germany has become the latest market from which Chinese bike-sharing firm ofo will make an exit. The company, which has been plagued by rumors of a cash crunch over the past few months, has adjusted its overseas operations in line with its plans to focus on priority markets. ofo has begun scaling back its international operations […]
Ofo investor Zhu Xiaohu (also known as Allen Zhu) from GSR Ventures is rumored to have sold his shares in ofo to Alibaba for $3 billion (in Chinese). The source is Zhu’s brother-in-law Ou Chengxiao who revealed Zhu’s plans at a public event a few days ago. According to a transcription of Ou’s speech circulating online, […]
The number of Chinese unicorns—startups with more than a $1 billion valuation—are growing so fast that later we might have to change the term into “dragons” in the future. The country now has 55 unicorns becoming the second-richest country in unicorn companies, followed by India and the UK. This is partly due to the ever-growing activity of […]
Hundreds of unlocked ofo rental bicycles have been found buried under construction waste in Chengdu. The bikes were in miserable conditions with deformed tires, broken chains, and damaged seats, but were fairly new, produced as early as March this year. The incident was reported to Chengdu Wuhou Police and the police is investigating, Chinese media The […]
Cash-strapped Ofo could try wheeling its business down another path.