Didi-Backed ofo Secures $130M Series C As Bike-Sharing Battle Leads To Predictable Ending

A week after bike sharing firm Mobike announced an over US$100 million fundraising, Beijing-based rival ofo said it had secured US$130 million series C financing round led by CITIC Private Equity.

The drama seems all too familiar: Two companies engaged in competitive fundraising, while trying to outbid each other on the speed of securing market share. The question is will the ending be as predictable as a merger between the two, and probably an integration of the combined entity into Didi Chuxing?

The probability of this scenario seems decent. Didi already injected tens of millions U.S. dollars in ofo two weeks ago, which is part of the latest financing round.

In addition, Didi has brought in some of its own venture backers, including Coatue Management and Yuri Milner, founder of DST Global, to join ofo's funding round. Lead investo...

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