Chinese bike-sharing firm Ofo raises $866m in Alibaba-led round

ofo
A staff member from the bike-sharing company Ofo gathers its shared bikes for use during the evening rush hour, in Beijing, China April 12, 2017. REUTERS/Jason Lee/File Photo

Chinese bike-sharing firm Ofo has raised $866 million in new funding led by Alibaba Group Holding Ltd, in what it said was the largest investment garnered in a single round by a bike-sharing startup.

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