Chinese Bike Sharing Company Ofo Says It’s Worth $2 Billion

Beijing-based bike sharing company ofo is now worth more than US$2 billion, CEO Dai Wei claimed during a media interview. The valuation is about double the company's estimated worth only 40 days ago when it raised a US$450 million round with a valuation of just over US$1 billion.

The 26-year-old entrepreneur Dai Wei did not say how the company doubled its valuation in 40 days, or if the company is raising new capital.

The start-up, founded in 2014, raised a US$450 million series D round led by DST Global in early March. It did not disclose the company's valuation at that time, but said that ofo had reached unicorn status, which means it was valued at over US$1 billion.

ofo's biggest rival, Shanghai-based bike sharing company Mobike, has also become a unicorn after it completed a US$215 million series C round from Tencent Holdings Lt...

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