China-based bicycle hire service Ofo has raised $130m in a series C round featuring ride hailing platform Didi Chuxing, China Money Network reported today.
The round included Citic Private Equity, a subsidiary of investment management firm Citic Capital, as well as hedge fund Coatue Management, Vision Plus Capital, Matrix Partners China, GSR Ventures, angel investor Yuri Milner and, according to Shanghai Daily, smartphone maker Xiaomi.
Ofo which was founded in 2014 and incubated at Peking University, is an app-focused bike sharing platform that enables users to book bicycles which can then be unlocked through a code on their phones.
News of the round follows reports late last month that Didi Chuxing had invested an eight-figure dollar amount in the startup as part of a strategic partbership that could involve Ofo’s services being listed on the ride ordering company’s platform.
The funding comes at a busy time for the sector, with Ofo’s main rival Mobike securing $100m earlier this month from investors including Hillhouse Capital, Warburg Pincus, Sequoia Capital and Qiming Venture Partners.