Ofo launches new push into overseas markets

Chinese bike-sharing platform Ofo is set to expand its services in key overseas markets. The Beijing-based platform owned by Bikelock Technology, which allows users to hire bikes using a prepaid app, is the second biggest bike-sharing service in China.

Ofo’s main rival is Mobike Technology which according to Yicai launched a no-deposit service this week, stepping up the competition locally as this is something Ofo has yet to offer.

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Ofo has stated it will expand its overseas strategy in large and growing markets, with key areas of focus to be the US, Singapore and France. The company has already experienced significant success in Singapore where around 20% of the population uses an Ofo bike, and has also experienced growth in the US, UK and France.

Founder and Chief Executive Dai Wei will be in charge of the expansion of Ofo, which boasts 200mn users across 250 cities around the world. Ofo is backed by technology giant Alibaba.