This summer, ofo's small yellow bike company announced the completion of a new round of financing exceeding $700 million. The round was led by Alibaba and Hony Capital, with Didi Travel also among the investors. However, concerns have been raised about ofo's rapid spending and whether it can sustain its growth.
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Ofo’s aggressive cash burn has come under scrutiny as reports suggest the company is now seeking a new round of $1 billion in funding. Despite announcing a major fundraising effort in July, ofo hasn’t officially revealed any further details since then. However, insiders say that in September, the company quietly began another round of financing, and the likelihood of this being true is quite high. Several early investors have confirmed that ofo is indeed in the process of raising more capital, with the target amount estimated at around $1 billion.
In July, employees from Didi hinted that ofo was preparing for an upcoming financing round. Additionally, there were rumors that Didi and SoftBank are in talks to jointly invest $1 billion in ofo, with discussions ongoing among the three parties. This suggests that despite the challenges, ofo remains a key player in the shared mobility space, and its ability to secure major funding could determine its future success. As the competition in the bike-sharing market intensifies, the pressure on ofo to prove its long-term viability is greater than ever.
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