Chinese bike-sharing start-up Ofo said it has raised $450 million in a fresh round of funding, as the firm faces up against deep-pocketed rival Mobike in one of the hottest sectors to attract tech investors.
Ofo and Mobike are two of a growing number of bike-sharing services in China that allow users to find, unlock and pay to rent the bicycles through a smartphone app, targeting younger consumers tired of congested roads and public transport.
Strong growth in the sector saw Mobike close a $215 million funding round last month, led by Tencent Holdings and Warburg Pincus LLC.
Ofo has previously raised funds from investors including Chinese smartphone maker Xiaomi and Didi.
Since mid-2015 ofo has accumulated over 20 million registered users.