Having tested its yellow bike fleet in the US and UK, Ofo says it’s raised $700 million to help it continue expanding. Two of Ofo’s existing investors, Chinese ride-sharing start up Didi Chuxing and the Hong Kong-based investor DST Global, put in additional funds. Ofo, along with its major Chinese competitor Mobike, seeks to dominate the global bike-sharing sector. Between them they operate in hundreds of Chinese and other Asian cities and have aggressive expansion plans in the West. Recently, Ofo tested its services in the small English city of Cambridge, as well as Silicon Valley and San Diego.

Source: Daily News Egypt July 06, 2017 08:15 UTC