Unicorns 221/229 – Ofo

Unicorns 221/229 – Ofo


Ofo

Founder / s: Xue Dong, Zhang Siding, Dai Wei
Key people: Xue Dong (Co-founder), Zhang Siding (Co-founder) and Dai Wei (Co-founder)

Ofo is a “non-docking” platform for users to create what about said about be the world’s first bike sharing company. It allows a true bike-sharing model where riders can provide the use of their bicycles for access to the companies. “Platform is committed to solving the traffic problem of urban congestion. First, users need to download the Ofo application, then type in the number on the bicycle and obtain a passcode. States, the user need to turn the Dial on the lock For each Number of the passcode aligns with a yellow indicator. Once the passcode is in, simply press the round button to unlock.Thirdly, when the user finishs the trip and wants to return the bike, it simply leaves the bike In any area where Bike- Parking is allowed. It then becomes ready for the next user.There is no need to find aided landing docking station.

Unlike rival Mobike bicycles, Ofo bicycles do not have GPS tracking and automatic locks, making Ofo’s business model rely on lower costs of the bikes.

History

In February 2017, investors including investment group DST Global, ride-hailing giant Didi Chuxing and CITIC’s private equity arm combined in a $ 450 million funding round. Earlier firms includ ed Didi as well, and Chinese smartphone maker Xiaomi.