China bike-sharing firm Ofo to raise $1 bn in funding round led by SoftBank

Chinese startup Ofo is in talks to raise $1 billion in a new funding round led by Japan's SoftBank Group, people familiar with the matter said, in what would be the largest fund-raising in the nation's bike-sharing business. Didi Chuxing, China's biggest ride-hailing firm which counts SoftBank as an investor, could join Ofo's new fundraising round?the sources told Reuters.

Ofo could reach a valuation of close to $3 billion after the funding, one of the sources said. Ofo and Mobike, China's two largest bike-sharing.

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