People who have survived road accidents often say time seems to slow down in the moment. But the car crash that is Chinese bike-sharing start-up ofo has been anything but slow-motion. The company has gone from a standing start to one of the world’s fastest-growing start-ups and back again in a hyper-accelerated three years.
Wednesday’s admission by ofo founder Dai Wei that it is under “immense cash flow pressure” and skirting bankruptcy was surprising only for its upfront honesty.
In the rear-view mirror, ofo’s blowout may seem inevitable, as cities across China, Europe and the US have witnessed its distinctive yellow bikes vandalised, stolen — or, just as bad for the company, simply underused.
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