Caixin
BUSINESS & TECH

Bicycle-Sharing Startup Mobike Raises $215 Million

By Liu Xiaojing and Yang Ge
A man in Shanghai rides a Mobike Lite, a recent upgrade to the bicycle-sharing company's Classic Mobike model, such as those on the sidewalk, on Dec. 20. Photo: IC
A man in Shanghai rides a Mobike Lite, a recent upgrade to the bicycle-sharing company's Classic Mobike model, such as those on the sidewalk, on Dec. 20. Photo: IC

(Beijing) — Bicycle-sharing service operator Mobike has raised $215 million in new funding, providing fuel in its race with a growing field of rivals that are riding a bike revival in China.

Beijing Mobike Technology Co. Ltd., one of the earliest arrivals to China’s latest bike-sharing craze, is known for its stylish orange and gray bikes on sidewalks throughout major cities like Beijing and Shanghai. Its service allows subscribers to borrow its bikes anywhere they can find one and then park them wherever they want, with a small fee deducted for time of use.

You've accessed an article available only to subscribers
Try 4 weeks for $0.99
SUBSCRIBE
Share this article
Open WeChat and scan the QR code
Copyright ©2017 Caixin Global Limited. All Rights Reserved.