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BUSINESS & TECH

Ofo Keeps Pedals Moving With New Funding

Shared Ofo bikes are lined up on a Beijing street on Sept. 26. Photo: IC
Shared Ofo bikes are lined up on a Beijing street on Sept. 26. Photo: IC

Bike-sharing leader Ofo Inc. has secured $866 million in its latest fundraising round.

The new funding arrived at a time when Ofo is dealing with investor infighting and the fallout of a merger with archrival Mobike that never materialized.

The funding round, using a combination of debt and equity, was led by Alibaba Group Holding Ltd., with participation from Haofeng Group, Tianhe Capital, Ant Financial and Junli Capital, the company said in statement on Tuesday.

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