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WorldPosted at: Jun 27 2017 9:26AM


China's Ofo says new funding round for rapid expansion nearly done

DALIAN, Jun 27 (Reuters) China's Ofo, one of the country's leading bike-sharing firms, said it is close to clinching new funding that will help it more than triple its fleet of yellow bicycles to 20 million this year.
The company, which currently has about 6 million bikes, also aims to break even by the end of the year, Chief Executive Dai Wei said.
"Our profitability is, in fact, very strong," he told Reuters on the sidelines of the World Economic Forum in Dalian.
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