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BUSINESS & TECH

Mobike Stuffs Its Baskets With Cash in New Funding Push

A plan to merge Mobike with archrival Ofo was shelved due to opposition from both sides’ management teams. Photo: Visual China
A plan to merge Mobike with archrival Ofo was shelved due to opposition from both sides’ management teams. Photo: Visual China

Bike-sharing leader Mobike has raised around $1 billion in its latest fundraising round, sources said, after a possible merger with its archrival Ofo fizzled out.

Mobike and Ofo have been in a cash-burning war to try to dominate the wildly popular bike-sharing sector, offering deep discounts to attract loyal riders. The identity of the latest investors in Mobike wasn’t clear.

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