Look out, Mobike and Ofo (or “Mofo,” as I like to call China’s top two bike-share apps). A new contender has just emerged, thanks to US$500 million in funding.
The huge injection into Hello Bike shows investors are not spooked by the collapse of three smaller dockless bike services in the past few months.
Hello Bike today announced US$153 million on top of the US$350 million it revealed December 12, making for a blockbuster half-billion bucks combined series D fundraising. Its aim is to stop being the third wheel in China’s growing bike-share market and thereby challenge the mighty Mofo.
The money “will be allocated toward diversifying our transportation solutions,” a Hello Bike representative tells Tech in Asia, along the lines of what’s dubbed its “3510” strategy. That means “bike-sharing, ebike-sharing, and car-sharing for three, five, and ten kilometers and above, respectively,” the representative adds. The startup has yet to announce what it’ll do on four wheels.
While Mobike is known for its orange steeds and Ofo for its yellow, HelloBike sticks to its fresh white-and-blue colorway:
With 10 million daily rides across 150 Chinese cities, Hello Bike has a lot of catching up to do, reported New Seed today. Ofo has 5.1 million app users each day versus Mobike’s 4.9 million – but Hello Bike is way behind with just 750,000, according to a research group’s data.
Unlike Mobike and Ofo, Hello Bike has yet to expand beyond its home nation.
Fosun Group and GGV Capital led the US$153 million round.
Converted from Chinese yuan. Rate: US$1 = 6.55 RMB.
(Updated December 28: Added investors. Updated December 29: Added comments from Hello Bike.)
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