ofo () is a Beijing-based bicycle sharing company founded in 2014. It operates over 10 million yellow bicycles in 250 cities and 20 countries, as of 2017. The dockless ofo system uses its smartphone app to unlock and locate nearby bicycles, charging an hourly rate for use. As of 2017, the company is valued at $3 billion and has over 62.7 million monthly active users.
Video Ofo (company)
History
The company was founded in 2014 by five members of the Peking University cycling club as a project that initially focused on bicycle tourism before deciding on bicycle sharing. It was named "ofo" due to the word's resemblance to a cyclist on a bicycle. ofo was launched in June 2015 in Beijing, gaining 20,000 users and 2,000 bicycles by October with investment funding from a Peking University alumnus. In 2016, ofo expanded to other cities in China, claiming a fleet of 85,000 bicycles by the end of the year. The company raised $130 million in funding from tech firms Xiaomi and Didi Chuxing in September 2016, allowing it to expand outside China. A Series D funding round in February 2017, led by Didi Chuxing and Russian investor Digital Sky Technologies, raised $450 million for ofo and valued the company at $1 billion.
ofo began expanding outside China in 2017, with launches in Singapore in February 2017; Cambridge, United Kingdom in April; Seattle, United States in August; and Sydney, Australia in October.
In April 2017, it was announced that the United Nations Development Programme has started a partnership to raise public awareness on climate changes. The partnership project, 1 KM Action, lead to another collaboration with the Clara Lionel Foundation, an organisation founded by Rihanna, which aims to provide bikes and scholarships to girls in Malawi.
In July 2017, ofo announced $700 million of additional funding in a round led by Alibaba, Hony Capital and Citic PE.
In February 2018, Texas A&M University partnered with ofo and rolled out a bike sharing platform on campus.
ofo raised an additional $866 million led by Alibaba in March 2018.
On May 1, 2018, ofo launched in Camden, New Jersey as part of a 9 month feasibility study with 200 bicycles.
Maps Ofo (company)
Usage
Customers use the company's mobile app on their smartphones to locate nearby bicycles. Each bike has a QR code on the frame, which the customer scans to unlock the bike. ofo bike unlocking is also available on other collaborative apps such as WeChat and Alipay in Mainland China. Each yellow bicycle has GPS satellite positioning which allows users to see which bikes are available nearby. Users pay within the app, with their credit cards. After customers are finished, they can leave the bike anywhere and lock it. The bicycles use NarrowBand IOT to power the locks, developed by Huawei and China Telecom..
Business
ofo has connected more than 7.5 million shared bicycles and provided almost 500 million shared bicycle rides since its inception in June 2015. It has served more than 30 million users in 46 cities around the world. The application has booked more than 100 million rides in 2017.
ofo has collaborated with Alipay, China's largest online payment platform.
Controversy
Like many other dockless bike sharing companies, including ReddyBike and Obike, ofo's bikes have raised the ire of several cities, including Melbourne, Australia, Dallas, Texas, and San Diego, California. Because these bike companies do not ensure the bikes are parked properly, they can clutter sidewalks, blocking pedestrian and handicapped access. Bike clutter has been so extreme that some cities in China have reached "peak bike" capacity, and have begun regulating the number of bikes that may be deployed. ofo was also nicknamed awful by those who had a bad experience with the service.
References
External links
- Official website
Source of article : Wikipedia
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