Chinese bike-sharing start-up Ofo raised $450 million in a fresh round of funding

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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.

Investment group DST Global, ride-hailing giant Didi Chuxing and CITIC’s private equity arm were among investors, the company said in a statement, reports Reuters.

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.

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