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China's Mobike receives $215 million in new round of funding

By Ma Si | | Updated: 2017-01-04 20:37

Chinese bike-sharing startup Mobike announced on Wednesday it has raised $215 million in a new round of funding, led by Chinese internet giant Tencent Holdings Ltd and Warburg Pincus, a leading private equity firm.

Davis Wang, co-founder and CEO of Mobike, said, "We will step up efforts to grow our presence in China and go global in 2017."

Mobike is one of the fastest-growing bike-sharing companies in China, with services currently available in nine cities, including Beijing and Shanghai. It is competing with Ofo in the race for control of the nascent bike-on-demand sector.

Mobike did not disclose its value after this financing round. New investors include International Ltd, China's largest online travel agency, global leading private equity firm TPG, and Huazhu Hotels Group, which operates more than 3,100 hotels around China.

"We will work with these companies in China's transport and travel sectors to unlock new growth opportunities and enable more travelers to go around cities more easily," the firm said in a statement.

Venture capital powerhouses Hillhouse Capital and Sequoia China, existing investors, also increased their bets this round.

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