Bike-sharing start-up Ofo raises $866 million

CHENNAI: Bicycle-sharing platform provider, Ofo on Tuesday said it has raised $866 million in a round of funding led by the Alibaba Group. The funding also saw participation from Haofeng Group, Tianhe Capital, Ant Financial and Junli Capital. The strategic financing presents the highest funding record in the bicycle-sharing industry, Ofo said.