Chinese bike-sharing startup raises $866 mn funding led by the Alibaba

Beijing-based bike-sharing platform, Ofo on Tuesday said it has raised $866 million in its latest funding round led by the Alibaba Group.

Other participants in the funding round were Haofeng Group, Tianhe Capital, Ant Financial and Junli Capital, ofo said in a statement. 

Commenting on the fresh fund flow, Dai Wei, founder and CEO of Ofo said: it has been "transitioning from a phase of rapid growth to a stage of high-quality development," adding, "ofo will continue to put customers first and lead the bike-sharing industry with technological innovation and efficient operations."

So far, Ofo has operations in over 250 cities across 21 countries with over 200 million users, the statement said.