Bike rental firms to step up the ante as competition grows

Competition in China's cutthroat bike rental sector has reached new heights, with key players announcing generous funding plans and deposit-exemption schemes that require solid financial backing.

Ofo Inc said on Tuesday that it has raised $866 million in fresh funding led by e-commerce giant Alibaba Group Holding Ltd, in what it said was the largest investment garnered in a single round by a bike-sharing startup.

In addition to Alibaba, an existing investor, Alibaba affiliate Ant Financial Services Group and Chinese venture capital firms Haofeng Group, Tianhe Capital and Junli Capital participated in the round, the company said.