Ofo, the Alibaba-backed bike-sharing service, has “immense” cash flow problems and has considered applying for bankruptcy, according to the company’s founder.
Dockless bike-sharing companies, including Ofo and its main rival Mobike, have rolled out more than 20m bikes in the past two years in China and abroad.
With its yellow dockless bikes, Ofo — which has raised more than $2.2bn since it was founded in 2014 — exemplified the Chinese start-up model of growing quickly by raising money and burning through cash. Earlier this year, an industry insider estimated that rival Mobike spent $50m a month, while Ofo burnt through roughly $25m.
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