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Chinese bicycle-sharing startup Ofo fires staff, halts operations in India

The company had launched its operation in the India in November 2017 and had since expanded to Ahmedabad, Bengaluru, Chennai, Coimbatore, Delhi Indore and Pune.

July 10, 2018 / 09:39 PM IST
Ofo bicycle sharing

Ofo bicycle sharing

Chinese bicycle-sharing company Ofo has reportedly fired its staff in India and has halted its operations in the country following a rumoured cash crunch, according to reports.

The company had launched its operation in the India in November 2017 and had since expanded to Ahmedabad, Bengaluru, Chennai, Coimbatore, Delhi Indore and Pune.

According to a report by Technode, the Alibaba-backed company has fired most of its staff working in India.

Ofo had received an investment of $866 million in the highest funding record the bike-sharing industry has seen. Alibaba Group, Haofeng Group, Tianhe Capital, Ant Financial and Junli Capital had participated in the round.

Ofo has operations in over 250 cities across 21 countries and claims to have over 200 million global users.

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In July last year, Alibaba had led a funding round of $700 million in the bike-sharing platform.

 

 
Moneycontrol News
first published: Jul 10, 2018 09:39 pm

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