Caixin
Dec 04, 2017 08:21 PM
BUSINESS & TECH

Youon Raises $348 Million to Expand Bike-Sharing Service

Shanghai Yunxin Venture Capital Management Co., a subsidiary of Ant Financial, took part in the latest round of fundraising by Ditan Keji Ltd., Youon’s bike-sharing unit, which raised 2.3 billion yuan in the round. Photo: IC
Shanghai Yunxin Venture Capital Management Co., a subsidiary of Ant Financial, took part in the latest round of fundraising by Ditan Keji Ltd., Youon’s bike-sharing unit, which raised 2.3 billion yuan in the round. Photo: IC

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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