Didi Chuxing, one of the largest ride-sharing companies in the world, today said it will launch a bike-sharing brand.
The company has already launched a bike-sharing feature within its app, which hosts its partner brands such as Ofo.
Didi is an investor in Ofo, which recently raised US$700 million in Series E funding round led by Alibaba.
The ride-hailing giant has also signed a partnership to host Bluegogo, another bike-sharing platform. As per some reports, Didi is also an investor in Bluegogo.
Didi is a fast-growing ride-share company, providing transportation services to more than 450 million users across over 400 cities in China. The Beijing-headquartered company’s services include taxi hailing, private car hailing, Hitch (social ride-sharing), Didi Chauffeur, Didi Bus, Didi Test Drive, Didi Car Rental, Didi Enterprise Solutions, Didi Minibus, and Didi Luxe.
In August 2016, Didi acquired Uber’s China unit.
In December 2017, Didi raised over US$4 billion in a new equity funding round. With US$12 billion in cash reserves, Didi has a valuation of more than $50 billion, making it one of Asia’s largest startups. Prior to this, Didi closed over US$5.5 billion financing round in April 2017.
Early this month, Didi Chuxing acquired 99 Taxis Desenvolvimento de Software, Brazil’s biggest local ride-hailing enterprise.
China is one of the fast-growing bike-sharing markets in the globe, and the market is largely dominated by Ofo and Mobike. Both these companies have raised billions of dollars from the likes of SoftBank and Alibaba, and have launched operations across the world. Their success triggered the launch of many such platforms, but failed to survive in the market.
Ofo and Mobike have significant operations in Singapore.