<article>Shanghai-based <a href="http://mobike.com" target="_blank">Mobike</a>, a ride-hailing bike rental service, has raised $10 million series B investment from Panda Capital.</article>

Shanghai-based <a href="http://mobike.com" target="_blank">Mobike</a>, a ride-hailing bike rental service, has raised $10 million series B investment from Panda Capital.
Mobike allows users to find bikes for rent by scanning a QR code that unlock the bikes that are in proximity. Costing users RMB 1 per half an hour, the startup hopes to offer convenience to city dwellers during rush hour.
The bike sharing was founded by Wang Xiaofeng, a former manager at Uber, late last year and it recently launched its operations in Beijing following Shanghai in May 2016, China Money Network reported.
Users can rent and return Mobikes at any of its bike-share stations using its app. Users can return a bike at a different location from which it was hired.
Xiaofeng has said that the company&#8217;s objective is to help reduce traffic jams, pollution and promote a healthy lifestyle.
Mobile has created a point system to deduct points from errant users, such as those trying to scratch out the QR code, damaging the bike, or parking improperly.
Other bike sharing facilities in China include <a href="http://www.forever-bicycle.com" target="_blank">Forever</a>, initiated by Xuhui Tourism Bureau in Hangzhou, China, that has about 2050 bike share stations.
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Shanghai-based Mobike, a ride-hailing bike rental service, has raised $10 million series B investment from Panda Capital.

China: Panda Capital invests $10m in bike rental app Mobike

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China: Panda Capital invests $10m in bike rental app Mobike

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