Last ofo valuation
$3B
Series E · Jul 2017
Last ofo funding round
$866M
Series F · Mar 2018
Cumulative funding ofo raised
$2.2B
across 7 funding rounds
Key investors in ofo
DST Global
CPE
DiDi
Coatue
GSR Ventures
Alibaba Group
About ofo
ofo was a Beijing-based dockless bike-sharing company that let users rent bicycles on demand through a mobile app and IoT-enabled smart locks. It positioned itself as a convenient, affordable, eco-friendly alternative to car travel for urban commuters across China, later expanding internationally. At its peak, ofo had deployed 6.5 million bicycles across 150 cities and served more than 20 million registered users, with as many as 25 million rides per day.
Founded
2014
HQ
ChinaWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Usage-based
Valuation
$3B (Jul 2017)
ofo Valuation
ofo is currently valued at $3B, based on its Series E in July 2017.
The $700M round was led by Alibaba Group, CPE and Hony Capital, with participation from DiDi and DST Global.
ofo's valuation has grown 6.0x from $500M at its Series C in October 2016 to $3B in July 2017, across 3 priced rounds.
ofo valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jul 2017 | Series E | $3B |
| Mar 2017 | Series D | $1B |
| Oct 2016 | Series C | $500M |
ofo Funding History
ofo has raised a total of $2.2B across 7 funding rounds.
ofo's first fundraising round was a $1M seed round in December 2015. The most recent completed round was a $866M Series F in March 2018.
ofo funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Mar 2018 | Series F | Alibaba Group (lead); Ant Group; Tianhe Capital; Haofeng Group; Junli Finance | $866M | - | Ofo, a Beijing-based dockless bike-sharing startup founded in 2014, raised $866 million in a Series E2-1 round on March 13, 2018, led by Alibaba Group with participation from Ant Financial (Alibaba's affiliate), Haofeng Group, Tianhe Capital, and Junli Capital. The round consisted of equity and debt financing, marking the largest amount raised by a bike-sharing company at the time, amid intense competition with rival Mobike backed by Tencent. At the time, Ofo reported 200 million users generating 32 million daily transactions, operating in China and expanding internationally, though both Ofo and Mobike faced cash burn from high operational costs and market saturation. The funding aimed to support Ofo's transition to high-quality development through technological innovation and efficient operations, as stated by founder Dai Wei, while speculation about mergers or sales persisted due to the unsustainable bike-sharing bubble in China. |
| Jul 2017 | Series E | Alibaba Group (lead); CPE (lead); Hony Capital (lead); DiDi; DST Global | $700M | $3B | - |
| Mar 2017 | Series D | DST Global (lead); Winnovation; CPE; Beijing Hualian; Jingwei Investments; Coatue; DiDi; Atomico | $450M | $1B | Ofo was a Chinese bike-sharing startup founded in 2015 that provided on-demand bicycle rentals through a mobile app and IoT-enabled smart locks. The company positioned itself as a convenient, affordable, and eco-friendly alternative to car travel, targeting urban commuters across China and expanding internationally. By early 2017, Ofo had deployed 6.5 million bicycles across 150 cities and served over 20 million registered users, with the company reporting more than one million bike rentals since June 2016 and peak activity of 25 million rides per day by mid-2017. In February 2017, Ofo closed its Series D funding round at $450 million led by DST Global, with participation from Didi Chuxing, Matrix China, and CITIC, valuing the company at more than $1 billion for the first time and making it the first unicorn in the bike-sharing industry. The round was part of an intense competitive battle with rival Mobike, which was backed by Tencent and raised $215 million in its own Series D round in January 2017, spurring unprecedented investor interest in the sector. Ofo's subsequent Series E round in July 2017 raised $700 million at a reported $3 billion valuation led by Alibaba, Hony Capital, and CITIC Private Equity, becoming the largest funding round in bike-sharing history and marking the peak of the company's valuation before internal execution challenges and reckless spending during the competitive arms race ultimately led to its decline. |
| Oct 2016 | Series C | Coatue (lead); CPE (lead); Shunwei Capital (lead); Matrix Partners China; Xiaomi; Vision Plus Capital; GSR Ventures; DiDi; DST Global | $130M | $500M | - |
| Apr 2016 | Series A | ZhenFund (lead); Gang Wang | $2M | - | - |
| Feb 2016 | Series A | GSR Ventures (lead); Hongdao Capital | $2M | - | - |
| Dec 2015 | Seed | Hongdao Capital (lead); Will Hunting Capital (lead) | $1M | - | - |
Who has invested in ofo?
23 investors have backed ofo across its funding rounds, including DST Global, CPE, DiDi, Coatue, GSR Ventures and Alibaba Group.
Lead investors include Alibaba Group, CPE, Hony Capital, DST Global, Coatue and 5 other investors.
ofo Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Beijing | 3 | Lead | Oct 2016 | |
| Beijing | 3 | Participant | Oct 2016 | |
 George Town | 3 | Lead | Oct 2016 | |
| Beijing | 2 | Lead | Dec 2015 | |
 San Francisco, CA | 2 | Lead | Feb 2016 | |
| Hangzhou | 2 | Lead | Jul 2017 | |
| New York City, NY | 2 | Lead | Oct 2016 | |
| Beijing | 1 | Participant | Oct 2016 | |
| Beijing | 1 | Lead | Apr 2016 | |
| Beijing | 1 | Participant | Mar 2017 | |
| Hangzhou | 1 | Participant | Mar 2018 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Gang Wang | Hangzhou | 1 | Participant | Apr 2016 |
| Beijing | 1 | Participant | Oct 2016 | |
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Start Free Trialofo Competitors
ofo competitors include listed companies like Life360, Strive and Grindr, and private ones like Miaopai, Kakao Mobility and Patreon.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Beijing | Private | - | - | $3B | - | |
| United States | Publicly listed | $489M | $32M | $3.3B | 5.0x | |
 Seongnam | Private | $159M | - | $2.7B | - | |
| United States | Publicly listed | $4M | ($21M) | $2.7B | 316.5x | |
| United States | Publicly listed | $440M | $145M | $2.7B | 6.0x | |
| San Francisco, CA | Private | $80M | - | $4B | 50.0x |
ofo Public Comps
ofo is still privately-owned, but its public comps include Aima Technology Group, Life360, Strive, Grindr, Meitu, Lime, Ninebot, Opera, Ireader and Wondershare.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $3.7B | $422M | 0.6x | 0.6x | 5.3x | 6.0x | |||
| $489M | $32M | 6.4x | 5.0x | 97.0x | 25.6x | |||
| $4M | ($21M) | 878.1x | 316.5x | (149.8x) | (64.9x) | |||
| $440M | $145M | 7.0x | 6.0x | 21.1x | 13.8x | |||
| $575M | $137M | 3.0x | 2.6x | 12.5x | 9.6x | |||
| $887M | $87M | 2.2x | - | 22.2x | - | |||
| $3.2B | $335M | 0.8x | 0.7x | 7.6x | 7.0x | |||
| $615M | $141M | 2.4x | 2.1x | 10.5x | 9.2x | |||
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Common questions about ofo
| When was ofo founded? | ofo was founded in 2014. |
| Where is ofo headquartered? | ofo is headquartered in China. |
| Is ofo publicly listed? | No, ofo is a private, VC-backed company. |
| What is ofo's valuation? | ofo was last valued at $3B in its Series E in July 2017. |
| How much funding has ofo raised? | ofo has raised $2.2B across 7 funding rounds. |
| What was ofo's last funding round? | ofo's last funding round was a $866M Series F in March 2018, led by Alibaba Group. |
| Who are ofo's investors? | ofo's investors include CPE, DiDi, DST Global, Hongdao Capital, GSR Ventures, Alibaba Group, Coatue, Matrix Partners China, ZhenFund, Winnovation and 13 others. |
| Which companies are comparable to ofo? | Companies comparable to ofo include Miaopai, Life360, Kakao Mobility, Strive, Grindr and Patreon. |
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