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