Alibaba affiliates inject $280m in bike sharing firm Ofo - Report

Image: Ofo website

Alibaba has injected a total of Rmb1.77 billion ($280 million) in Chinese bicycle sharing firm Ofo in two separate deals carried out by its subsidiaries in February, according to a report by Chinese news site The Paper.

In early February, Shanghai Yunxin Venture Capital, a unit of Alibaba’s fintech arm Ant Financial, injected Rmb500 million ($80 million) into Ofo that pledged 4.45 million bikes in Beijing, Shenzhen, Shanghai, and Guangzhou in return.

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