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Hello TransTech secures USD 580 Mn in funding

Dec 28, 2018 by The Passage Team
Hello TransTech secures USD 580 Mn in funding

Chinese bike-rental firm Hello TransTech closed a funding round of nearly RMB 4 billion (around $580 million) in September, sources said. The funding was led by Primavera Capital Group and Alibaba affiliate Ant Financial.

According to Hellobike COO Han Mei, the company operates bike-sharing services in over 300 cities in China, with nearly 24 million orders per day. The company says it holds more than 50% market share in terms of numbers of orders. China’s bike-sharing industry has faced troubles recently. Ofo is reportedly on verge of bankruptcy while rumors of layoffs at Mobike proliferate. Focused on expanding in second- and third-tier Chinese cities, Hello TransTech plans to push into car-sharing services and even ride-hailing.

Source: Technode

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