Chinese real estate platform Beike has closed a Series D funding round led by Tencent while struggling bike-sharing startup Ofo has sued employees for fraud and corruption.
Tencent leads $800 Series D for Beike
The round also allowed 22 of Beike’s earlier investors to exit the company. Tencent’s shareholding after the Series D round has not been disclosed but it owned a 2.32 per cent stake in Beike after investing 47.6 million yuan in August 2017, according to public data.
Beike has also become the latest company to join the WeChat Wallet portal.
Private equity firm Warburg Pincus was earlier reported to have walked away from a funding round for Beike parent Lianjia due to valuation concerns.
Ofo sues employees
Chinese bike-sharing platform Ofo is suing some of its former employees for embezzlement, according to a KrAsia report citing an internal document seen by its parent company 36Kr.
The startup, the report said, has investigated eight cases in total after a former employee stole and sold 4,000 bikes last July. To date, four cases have been accepted by the country’s judiciary authorities
“Ever since the inception of the company, we have established a zero-tolerance principle against internal corruption,” Ofo’s co-founder Yu Xin told 36Kr.
The bike-sharing startup has been under tremendous cash flow pressure and had to withdraw from several overseas markets. A Tianjin court froze 1.45 million yuan ($220,000) of its assets on February 23.