Youon Raises $348 Million to Expand Bike-Sharing Service
Alibaba’s financial technology affiliate, Ant Financial, has become the largest shareholder in the bike-sharing unit of Youon Bike after investing 2 billion yuan ($303 million) to increase its stake to 32%.
Shanghai Yunxin Venture Capital Management Co., a wholly owned subsidiary of Ant Financial, took part in the latest round of fundraising by Ditan Keji Ltd., Youon’s bike-sharing unit, raising its holding from 13%, according to a statement from Shanghai-listed Youon on Monday. Ditan Keji raised 2.3 billion yuan in total from three companies and several individual investors.
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