Nov 29, 2018 07:59 PM

Cash-Strapped, Money-Losing Ofo Says It Will Soldier On

Photo: VCG
Photo: VCG

*Founder and CEO of one of China’s first bike-share startups says company will ‘kneel for survival’ as daily users fall to 3.89 million from 5.1 million earlier in the year

*Parent company faces at least 20 lawsuits for nonpayment of bills brought by bicycle suppliers and logistical support providers

(Beijing) — The chief of bike-share startup Ofo has said the business will go on despite its recent troubles, as the cash-strapped, money-losing company struggles to stay afloat after months in which no fresh sources of funding have appeared.

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