Ofo raises $1bn from investors

Chinese bike-sharing firm Ofo has raised $1bn from investors, led by Alibaba.

The Financial Times reported on Thursday that investors including Alibaba had put up the funds, though Ofo declined to comment.

Ofo provides bikes with GPS tags that can be hired through a smartphone app.

Ofo already has links to Alibaba as its app gives priority to the Alipay mobile platform owned by Alibaba payments subsidiary Ant Financial.

Expansion

Ofo has fast launched the concept around the world following rapid success in China.

In just a year, the start-up has managed to get around 10 million bikes into circulation on Chinese streets.

On a smaller scale, it is now present in 19 other countries around the world.