OFO Got $866 Million In Financing

In 1815, Napoleon and the Duke of Wellington commanded the Anglo-Dutch forces to battle Waterloo Village in Brussels. The two sides fought for one day and were exhausted at dusk. At this time, anyone who could be the first to wait until the reinforcements would be able to extinguish each other at one stroke and then be exterminated. In the end, Wellington took the lead to wait for reinforcements from the Prussian army and won this name in history.

As in the real battlefield, when the two sides engage in war, the ammunition is tense, and when there is no end to it, whoever has the first aid will have a greater chance of winning. At present, the shared bicycle industry is not in such a stalemate situation. After experiencing the year-long fierce competition, both ofo and Mobi are waiting for the aid.

Unsurprisingly, ofo took the lead in opening up the situation. On March 13, OFO announced the completion of E6-1 round of financing of US$866 million, led by Alibaba Group, Junfeng Group, Tianjian Joint Venture Capital, Ant Financial and Junli Capital, once again setting a single maximum financing for the shared bicycle industry. recording.



On the occasion of the thousandth year, we were given strong support. The balance of victory was toward ofo. However, after experiencing last year's fierce consumption, at this time the shared bike practitioners already understand that the real victory does not lie in eliminating opponents, but in becoming better themselves. Because the market is large enough, it can accommodate 2, 3, or even more companies to develop together.

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According to analysts from the industry, this huge amount of financing led by Ali means that the biggest institutional shareholder who has been deterring financing since November of last year, Didi, has already made concessions on Alibaba’s massive incorporation of ofo. In addition, according to "Shenzhen" reports, after this round of financing, Ali will formally enter the OFO board. At this point, a period of several months of ofo, Didi, Ali's three-party game, and ultimately get the financing of ofo and find the balance in the three-party relationship constraints for the end, not only solved the urgent need, but also protected the control of the entrepreneurial team, can not help but say It is a blessing.

Solved the internal shareholder differences, regain the right to independent development, coupled with Alibaba big Buddha wing protection, ofo's backyard is stable Qingning. With the injection of new funds, and the increase in orders during the peak season of the cycling season, combined with improved adjustments in operations and cost control throughout the winter, ofo now seems to have prepared for the light and ready to go forward. The brand that swept the streets and shined on that month.

With long sleeves and good dance, there are many good financial things. The arrival of strong capital assistance means that the conditions for the refinement of OFO have matured, and it is also a turning point for the entire industry to shift from high-speed development to high-quality development. According to the close-up planning of ofo founder and CEO Dawei, the next phase of resource input from ofo is mainly divided into three main lines:

The first is globalization. In the latest data report on shared bicycles worldwide, ofo currently ranks first in the domestic market and in foreign markets, 1.3 times in the domestic second place, and 1.7 times in the overseas market, both of which constitute the current Global share of the dominant force in the cycling industry. In the next step, ofo will consolidate and strengthen the existing advantages of globalization, borrowing from Davie's words: The service of sharing bicycles is convenient enough for users, it can solve the problem of congestion for the society, and it can reduce carbon emissions for the environment. "It is a good thing. We hope that people all over the world will enjoy this kind of service. In the globalization, we must be investing heavily."



The second is the Internet of Things. In the post-Internet era, the Internet of Things has shown tremendous potential for application and will become one of the leading forces for industrial upgrading in the next 20 years. In 2017, ofo first developed the world's first intelligent lock for the Internet of Things, and later it pioneered the intelligent operation of the Internet of Things in Yingtan, the city of China's Internet of Things, gradually accumulating a more mature experience in the Internet of Things and becoming the most current Internet of Things in the domestic market. Good application scenario. According to Davies, OFO will continue to invest a lot of human and financial resources in R&D related to the Internet of Things. “Millions of devices are connected to the Internet. No company has previously managed this level of management, whether it be Google Tencent. Ali really has to manage tens of millions of things (it's difficult), and we will invest a lot of money in R&D."

The third is the sharing economy model. As the world is moving toward a more efficient community of human destiny, it is very important to improve the overall efficiency. From the original one person to buy a car, a car may ride less than two minutes a day. At present, more than a dozen people use a car, and one person spends hundreds of minutes. Ofo has changed the distribution method of the community’s travel resources and improved the number of bicycles. The use rate and turnover rate reduce carbon emissions by 324 tons. In the next few years, OFO will use its existing resources to take the lead in completing technological innovation, operation and maintenance, and providing better products and services to consumers.



After two years of rapid growth, shared bicycles are leading the sharing economy to change human life. In the next stage, OFO will fully invest in the development of globalization, IoT technology and sharing economy model, and use efficient, high-quality, low-cost services to seek commonalization of the benefits of the sharing economy, and use connection points to connect From the global community of human destiny, we have realized the original dream of the original team of "o change the world" and "provide convenient services for all mankind."