Bike Sharing Startup Hellobike Raises Funds From Primavera Capital And Ant Financial

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Hellobike

Chinese bike-sharing startup Hellobike, the Shanghai headquartered company has secured a fresh round of investment despite the others in the sector struggling to gain momentum, eventually pulling out from a number of cities. Interestingly, the company has not made any formal announcement on the exact figures but it is been reported by several platforms that the amount is somewhere around $500-$600 million.

The latest infusion as per the details has been led by Primavera Capital and Ant Financial. Notably, Ant Financial is an affiliate of Alibaba which is responsible for digital wallet platform Alipay. Fosun Group, GGV Capital and WM Motor are the other backers of the company who in total now have infused around $1.8 billion in the company.

Another startup Ofo, which is dealing in the same segment saw a rough 2018 as it pulled out from a few top international cities due to cash crunch is also has the capital from Alibaba. Notably, Hellobike did not try to venture too deep inside the tier one cities of the country like Mobike and Ofo. It used the small-town strategy and started operations in the lower-tier cities. Han Mei had started the company in 2016. The company as per the reports caters about 20 million daily rides from their over 200 million registered customers. The company has a presence in 300 cities in the country.

Another thing to note about the company is that it also wants to cater to the other transportation mode as well. It wants to enter the shared electric bikes, ride-hailing, and carpooling market as well.

 

Image Courtesy : dealstreetasia

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