Mobike said to have raised $1b after failed merger talks with rival Ofo

Mobike said to have raised $1b after failed merger talks with rival Ofo

Ofo Inc. and Beijing Mobike Technology Co. bicycles sit parked on a sidewalk outside a subway station in Shanghai, China, on Thursday, Sept. 12, 2017. Photographer: Qilai Shen/Bloomberg

Bike-sharing startup Mobike has stuffed its coffers with additional funds that it can use to further gain control of the booming bike-sharing sector, after talks of a merger with key rival Ofo were abandoned.

A Caixin Global report said the dockless Shanghai-headquartered bike-sharing company secured close to $1 billion in its latest fundraising round from still unidentified investors, further raising Mobike’s valuation, which has been skyrocketing.

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