Ant Financial, IDG Capital, and Shenzhen Capital Group Co., Ltd have made a series A funding round in a Jiangsu-based bike sharing company Youon Bike, according to Chinese media reports.
No financial detail is disclosed.
Founded in 2010, Youno has deployed over 800,000 bikes in 210 cities in China and has over 16 million users. The company partnered with Zhima Credit, a credit unit under Ant Financial, to allow users who have over 600 Zhima credits to rent a bike without deposit.
According to Youno, bike sharing companies have deployed over two million bikes in roughly 400 cities in China in 2016. Shanghai and Guangzhou have the most, with over 100,000 bikes each.
Two days ago, another bike sharing company Bluegogo raised RMB400 million (US$58 million) led by Black Hole Capital, which valued the company at RMB1 billion (US$140 million) post-money.
In addition, Mobike announced a partnership with China Merchants Bank yesterday, to improve the company's deposit management, payment settlement, finance, service, and marketing. It received a strategic investment from Temasek Holdings and Hillhouse Capital last week, follows a US$215 million series D round from Tencent Holdings Ltd. and Warburg Pincus in January.