2017/06/14

China Bike-sharing Startup Ofo Now Worth More Than $2 Billion, See How They Make It!

Have you ever come across this situation:

You hurried out in the morning to catch the bus, but the bus doesn't come. In fact, it's not far from where you're going, but you don’t want to waste money to take a cab. However, you'll be late if keep waiting.

If only there were a bike for you.

China's bike-sharing startup emerges as the times require. Like Ofo, a Beijing-based bicycle sharing company founded in 2014.

image credit: internet

Ofo is a "non-docking" platform for users to create what is said to be the world's first bike sharing company. It allows a true bike-sharing model where riders can provide the use of their own bicycles for access to the companies entire team. 

It is committed to solving the traffic problem of urban congestion. Only you need to do is downloading the Ofo application.

Ofo now says it is worth more than $2 billion.

CEO Dai Wei, a 26-year-old entrepreneur who named his firm Ofo as the letters look like a bike. It's about double the last reports of the company's value — which came out less than four months ago.

"When you set up a company, you have to solve the problem, you provide a service for the users," Dai told so. "We have to figure out … what is the main problem we have to solve — that is more important than valuation."
"We think 'bicycle' is the global language," Dai said, pointing out that most of the world's population can ride a bike.

image credit: internet

Ofo has huge backers, including DST Global, a firm that invested in Facebook and Twitter, and Chinese taxi-hailing app Didi Chuxing, which gobbled up Uber's China division.

The sky's the limit for Ofo: Over 3 million of the company's bright yellow bikes can be found in more than 50 Chinese cities, and their wheels have already rolled abroad to London and Singapore.

By year's end, Ofo is targeting expansion to 20 countries, including Japan, Spain, France, Germany and the Philippines, Dai said.

But the quick uptake has given way to yet another problem: The bikes are now polluting the public square, with mangled two-wheelers piled high on some sidewalks.

None of these challenges appeared to bother Dai, who said he's convinced the bike-sharing industry and the government can cooperate to solve the issue.

"Every city in this world, in every corner, you can find an Ofo bike to help you get to the nearest restaurant, nearest supermarket, subway station — or just to ride around in your city," he said.

China is a vibrant and dynamic market for business people, as we see like the Ofo case. But how to build an easy, safe, quick setup without too much support?

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