Mobike targets Britain after $830m funding, Latest Business News - The New Paper

Mobike targets Britain after $830m funding

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BEIJING: Chinese bike-sharing start-up Mobike said it has raised more than US$600 million (S$830m) to help finance its overseas expansion, as competition in the booming market intensifies.

Since its launch in April last year, Mobike has rolled out its brightly coloured bicycles across China and Singapore, and is planning to take its rental service to Britain.

The bike-sharing concept has attracted huge venture capital, with Mobike now raising more than US$900m this year.

Mobike, Ofo and others are tapping into the sharing economy ethic behind Airbnb and ride-hailing apps such as Uber, and targeting China's 700 million mobile phone users, who increasingly use their smartphone for transactions.

The bikes are unlocked using an app.

Not everyone is happy with the service, though, which allows bikes to be left anywhere.

Careless users often park the bicycles haphazardly on footpaths and roads, annoying pedestrians and drivers. - AFP