Bike-Sharing Startup Mobike May Be Worth USD1 Billion After Tencent, Warburg Pincus Invest
Yicai Global
/SOURCE : Yicai
Bike-Sharing Startup Mobike May Be Worth USD1 Billion After Tencent, Warburg Pincus Invest

(Yicai Global) Jan. 5 -- Chinese bicycle-sharing startup Mobike Technology Co. has secured USD215 million in a D round of fund-raising led by Chinese internet giant Tencent Holdings Ltd. [HKG:0700] and US private equity firm Warburg Pincus LLC. Mobike may now be worth as much as USD1 billion.

Other strategic investors included China's largest online travel agency Ctrip.Com International Ltd., hotel chain operator Huazhu Hotels Group and TPG Capital, Beijing-based Mobike said in statement yesterday. The fund-raising marks the third round of financing the company has completed in just five months.

"In the new year, we'll accelerate our expansion both at home and abroad to export local Chinese innovations to the world," said Mobike co-founder and chief executive Davis Wang, who is also a former Shanghai general manager at Uber China.

Bike-sharing providers such as Mobike and Ofo Bicycle Co. were the darlings of China's investment firms last year. Mobike and Ofo raised more than CNY1 billion (USD144.3 million) in just a few months. Mobike's bicycles have so far gained widespread popularity in Beijing, Shanghai, Guangzhou, Shenzhen and Chengdu.

Mobike began trial operations in Shanghai in late 2015, raising millions of dollars from Joy Capital Co. in its A round of financing that October.

Last August, Mobike secured an additional USD10 million in its B round of financing and raised over USD100 million in its C round led by Hillhouse Capital Group and Warburg Pincus last September. It then completed a C+ round worth nearly USD100 million with investments from Hillhouse Capital, Warburg Pincus, Tencent and Sequoia Capital LLP.

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