That means anyone can ride a bike anywhere and leave it there for the next person to pick up. The Beijing-based company has 15 million bikes across the globe and an estimated valuation of $3 billion, according to PitchBook. Ofo raised $866 million in an Alibaba-led funding round in March, a month before Mobike, its rival in China, sold to Meituan-Dianping for $2.7 billion. In China, Ofo charges 15 cents for a ride. In China low labor costs mean Ofo can hire swarms of people to comb the streets.

Source: Forbes June 06, 2018 12:56 UTC