With cash in basket, Mobike zooms

Fresh funding of $600m will see bike-sharing app serve 200 cities

Chinese bicycle-sharing startup Mobike Technology Co Ltd said on Friday it has raised more than $600 million in its latest round of financing, boosting this year's funding past $1 billion.

Mobike has been accelerating its overseas expansion amid mounting competition from rivals, chiefly Ofo Inc, in domestic as well as foreign markets.