Chinese bike-sharing startup Hellobike said Thursday that it has completed a new round of fundraising from a group of investors led by Ant Financial Services Group and Primavera Capital Group.
The funding totaled billions of yuan (1 billion yuan = $146 million), Hellobike said without providing a total.
Hellobike is the No. 3 player in China’s white-hot bike-sharing market following Mobike and Ofo, according to market reports from research firm iiMedia.
But major bike-sharing companies have been struggling to sustain growth after years of cut-throat competition and heavy spending. Ofo has been in a capital crunch this year and faces mounting pressure to refund customer deposits.
Related: Admitting Mistakes, Ofo CEO Laments ‘Immense’ Cash-Flow Problems