Bike-sharing sector heats up

Ofo locked in fierce battle with Mobike for slice of growing market

Competition in China's bike-sharing sector is set to intensify as the startup ofo announced on Wednesday it had raised 3.1 billion yuan ($450 million) from investors including Digital Sky Technology.

The move came shortly after its rival Mobike said it had received a strategic investment injection from Singaporean company Temasek Holdings, bringing the total fund it has received since 2017 to more than $300 million.