Chinese bike-sharing company ofo has raised over US$700 million in Series E funding led by Alibaba Group, Hony Capital, and CITIC Private Equity.

Existing investors Didi Chuxing and DST Global also participated.

The funding is believed to be the largest in the bike-sharing industry to date. Previously, ofo has raised funding over several rounds that included a US$130 million Series C led by Didi, a US$450 million Series D led by DST Global, and an undisclosed Series D led by Ant Financial.

ofo’s fundraising attempt was first reported by Bloomberg last month.

In a press statement, ofo Founder and CEO Dai Wei said that the company aims to “further upgrade our service for better user experiences, accelerate our global expansion strategy, and continue to lead the bike-sharing industry.”

“Our vision is to unlock every corner of the world, and make ofo the universal language,” he said.

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ofo said that it currently has 6.5 million bikes in 150 cities across five countries and generate 25 million transactions daily.

By the end of this year, it plans to deploy 20 million bikes and grow its presence to 200 cities in 20 countries across the globe.

Through the use of a global NB-IoT (Narrow Band Internet-of-Things) technology, ofo also aims to turn its bikes into a central hubs connecting riders to net-based resources via the Internet of Things and creating an AI-based eco closed loop.

Its competitor Mobike also recently raised a US$600 million Series E round led by Tencent.

It has also begun its global expansion outside of Asia with a launch in Manchester and Salford, UK.

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