CHINA TOPIX

Updated 9:12 AM EST, Tue, Jan 05, 2021

Make CT Your Homepage

China's Didi Chuxing Invests in Bike-Sharing Startup Ofo

China Startup: Smart bicycle-sharing on campus

(Photo : YouTube Screenshot) China’s ride-hailing app Didi Chuxing announced on Monday it has invested “tens of millions of dollars” in Chinese bike-sharing startup called ofo.

China's ride-hailing app Didi Chuxing announced on Monday it has invested "tens of millions of dollars" in Chinese bike-sharing startup called ofo.

Apart from already covering cars, taxis and commuter buses, Didi, which recently bought Uber's China business, wants to take a look at two wheels also as part of its plan to develop a transport ecosystem.

Like Us on Facebook

"If it's only two or three miles away, or the traffic is crowded, I can just ride a bike and go," Liang Sun, Didi's spokesperson, said.

The two companies, however, did not disclose the specifics of the deal.

Ofo initially was a student project in 2014 in China's prestigious Peking University. The bike service, which is founded by college alumnus Dai Wei, now has about 70,000 bright yellow-colored bikes in different campuses across 20 cities. It also claims to have 1.5 million users and handles half a million rides each day, Tech in Asia reported.

The service is run via an app for iPhone and Android. Ofo works via Tencent Holdings Ltd.'s WeChat, where users scan a code from their smartphones to unlock parked bikes and go to their destinations, according to Bloomberg. Payments that cost to as slow as 0.5 yuan ($0.075) per ride can be made through the messaging app.

Ofo users scan a code from their smartphones to unlock parked bikes.
(Photo : YouTube Screenshot) Ofo users scan a code from their smartphones to unlock parked bikes.

While there are other start-up bicycle platforms offered for the streets in China like Mobike, ofo is now hailed as the top bike-sharing platform in the country, Reuters reported.

Interest in riding bicycles among locals came as city streets are jammed with traffic and more people are getting health conscious amid increasing obesity and pollution levels.


Real Time Analytics