China’s Mobike gets $215 million ahead of global push
Share on Facebook
Share on Twitter
Share on Google+
Share on Reddit
Share on Email

Photo credit: Mobike

Photo credit: Mobike

China’s new bike-sharing battle looks a lot like the ride-hailing war

Tech in Asia

Mobike, a Chinese bike-sharing app, has secured $215 million in funding from big-name investors including social media giant Tencent, the startup revealed today.

The app, launched in Shanghai in April last year, had already attracted around $110 million before today’s news. Dozens of rivals sprung up in that time, though only one, Ofo, has emerged as its closest rival. As a result, China’s new bike-sharing battle looks a lot like the ride-hailing war.

Mobike’s orange-rimmed rides are available in nine Chinese cities. They cost just $0.15 per hour, along with a $45 security deposit. To hitch a ride, you open the app and scan a QR code, which then unlocks the bike’s smart lock and begins the timer on the Uber-esque ride.

Mobike’s CEO and founder is “Davis” Wang Xiaofeng, a former Uber general manager in Shanghai.

The startup is now plotting expansion into Singapore where it intends to launch sometime before the end of March, a spokesperson tells Tech in Asia. “We are actively looking at opportunities in other international cities,” he adds.

Focusing first on college campuses, it has hired a Singapore general manager in the form of Florian Bohnert.

Warburg Pincus joined Tencent in leading the funding, while Ctrip, Sequoia China, Hillhouse Capital, TPG, and Huazhu Hotels Group also threw in some cash.

Editing by Neha Margosa

This post was originally published on Tech in Asia

Share on:Share
Share on Facebook
Share on Twitter
Share on Google+
Share on Reddit
Share on Email

More Goodies From Consumer


Top 10 Philadelphia startups ring loudly

Top 10 Kansas City startups spread across two states

Top 10 St. Louis heartland tech startups