Will Mobike and Ofo Ride Off Into the Next Mega Merger?
The fast-pedaling bike-sharing industry in China could be headed for a mega merger, the likes of which hasn’t been seen since the cutthroat price war among car-hailing companies two years ago that created one sector behemoth, Didi Chuxing.
China’s top bike-sharing companies Mobike and Ofo have battled for nearly two years, burning through billions of dollars and forcing into the ditch smaller players who simply couldn’t compete in new fundraising and deep discounts for riders. Now Mobike and Ofo are at a fork in the bike-sharing road: Do they hop on a tandem business model – accepting one company must ride in the front – or continue what has become a two-company race?
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