Ant Financial, the financial services affiliate of Alibaba Group Holding Ltd., has made a strategic investment in Chinese bike sharing firm ofo, after the pair formed a partnership last month.
No financial details were disclosed. Ant Financial is making the investment to deepen cooperation with ofo as the US$2 billion bike sharing firm expands globally.
Ant Financial is the second strategic investor in ofo, whose first strategic investor was Chinese ride sharing giant Didi Chuxing.
Via the investment, Ant Financial will be able to expand its user base internationally as ofo eyes to turn itself into a global player. The Beijing-based Ofo is now operating in the U.S., U.K. and Singapore, and plans to cover 20 countries by the end of this year, including Japan, Spain, France, Germany and the Philippines.
Gaining more market shar...
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