Competition in China's ride-sharing market has been fierce, so fierce that Uber gave up its battle with homegrown rival Didi Chuxing in August. Now the battle for urban transportation in China is expanding from cars to bicycles as investors plow a combined $200 million into Beijing-based bike-sharing services Ofo and Mobike.
Didi Chuxing backs oFo, which recently raised $100 million-plus and is now valued at more than $500 million. Mobike, also coming off a $100 million round, has raised funding from traditional investors, including Asian-focused private equity firm Hillhouse Capital, which also backs Airbnb. AOC