China's bike-share app Ofo raises $850 million to expand overseas

Chinese bike-sharing start-up Ofo announced Tuesday that it has raised around $850 million from investors including e-commerce giant Alibaba, to finance its overseas expansion while it battles rivals in China. Ofo, whose lemon-yellow bicycles are ubiquitous in Chinese cities, said on the social network Weibo that it had raised $866 million dollars.
The consortium of investors was led by Alibaba, China's top online shopping conglomerate which also contributed to the 700 million dollars raised by Ofo in July 2017. The latest cash injection will allow Ofo to expand its overseas presence. The company has already made inroads into France, Japan and the US, and says it is operational in around 20 countries.