Ant Financial-backed Hellobike seeks to raise at least $500m in funding

Ant Financial-backed Hellobike seeks to raise at least $500m in funding

HelloBike bicycles stand parked on a sidewalk in Shanghai, China, on Wednesday, Jan. 9, 2019. Photographer: Qilai Shen/Bloomberg

Hellobike, a bicycle-sharing startup backed by Ant Financial, plans to raise at least $500 million in funding as it fights for customers in a brutal Chinese market, people familiar with the matter said.

The startup could seek as much as $1 billion as it gauges interest from both existing investors and new backers, the people said, requesting not to be named because the matter is private. While the Shanghai-based company’s valuation wasn’t clear, in June it said it was worth $2.3 billion.

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