Didi bike startup raises $130mn

Didi Chuxing, China’s dominant ride-hailing service, may move deeper into the urban transportation ecosystem through Ofo, a bicycle-sharing startup that has just raised $130 million. Ofo said on Monday that it has completed its latest round of fundraising, led by American technology hedge fund Coatue, Chinese smartphone maker Xiaomi and Citic Private Equity Funds Management, Caixin reports. Didi, which bought Uber’s Chinese operation earlier this year, said in September that it had invested “tens of millions of US dollars” in the bicycle-sharing platform, but did not disclose a specific figure. Several investors in Ofo have links to Didi: Coatue participated in Didi’s $3 billion funding round in April through a co-investment vehicle, while venture capital funds GSR Venture and Matrix Partners China were among the earliest investors in the company.