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.