LINE

Text:AAAPrint
Economy

China's Mobike receives $215 million in new round of funding

1
2017-01-05 10:48chinadaily.com.cn Editor: Feng Shuang ECNS App Download

Chinese bike-sharing startup Mobike announced on Wednesday it has raised $215 million in a new round of funding, led by Chinese internet giant Tencent Holdings Ltd and Warburg Pincus, a leading private equity firm.

Davis Wang, co-founder and CEO of Mobike, said, "We will step up efforts to grow our presence in China and go global in 2017."

Mobike is one of the fastest-growing bike-sharing companies in China, with services currently available in nine cities, including Beijing and Shanghai. It is competing with Ofo in the race for control of the nascent bike-on-demand sector.

Mobike did not disclose its value after this financing round. New investors include Ctrip.com International Ltd, China's largest online travel agency, global leading private equity firm TPG, and Huazhu Hotels Group, which operates more than 3,100 hotels around China.

"We will work with these companies in China's transport and travel sectors to unlock new growth opportunities and enable more travelers to go around cities more easily," the firm said in a statement.

Venture capital powerhouses Hillhouse Capital and Sequoia China, existing investors, also increased their bets this round.

  

Related news

MorePhoto

Most popular in 24h

MoreTop news

MoreVideo

News
Politics
Business
Society
Culture
Military
Sci-tech
Entertainment
Sports
Odd
Features
Biz
Economy
Travel
Travel News
Travel Types
Events
Food
Hotel
Bar & Club
Architecture
Gallery
Photo
CNS Photo
Video
Video
Learning Chinese
Learn About China
Social Chinese
Business Chinese
Buzz Words
Bilingual
Resources
ECNS Wire
Special Coverage
Infographics
Voices
LINE
Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
Copyright ©1999-2018 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.