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* USA: Seattle, Dallas, Washington DC, Miami, Denver
* USA: Seattle, Dallas, Washington DC, Miami, Denver
* Japan: Tokyo
* Japan: Tokyo
* Malaysia: Kuala Lumpur , Putrajaya , Cyberjaya , Penang , Melacca , Bangi}}
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==[https://vulcanpost.com/617839/ofo-bike-sharing-ofo-malaysia-melaka/ References]==
==References==
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{{reflist|30em}}


Revision as of 14:02, 18 December 2017

ofo
Company typePrivate
IndustryTransportation
Founded2014[1]
FounderDai Wei
HeadquartersBeijing, China
Key people
Dai Wei
ProductsBicycle sharing services
Websitewww.ofo.com

ofo is a Beijing-based bicycle sharing company founded in 2014. It operates over 10 million yellow-colored bicycles in 250 cities and 20 countries, As of 2017. The dockless ofo system uses a smartphone app to unlock 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.[2][3]

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.[4] It was named "ofo" (pronounced "oh-foh")[5] due to the word's resemblance to a cyclist on a bicycle.[6][7] 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.[8] 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.[9] 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.[1][10]

ofo began expanding outside China in 2017, with launches in Singapore in February 2017;[11] Cambridge, United Kingdom in April;[12] Seattle, United States in August;[13] and Sydney, Australia in October.[14]

In July 2017, ofo announced $700 million of additional funding in a round led by Alibaba, Hony Capital and Citic PE.[15]

In October 2017, ofo launched in its third UK city, Norwich[16].

The founder has stated that he is more interested in expansion than profits, as the business scales up worldwide. The third-largest bikeshare company in China, Bluegogo, has already gone out of business and more shakeups will occur.[17]

Usage

Customers use the company's mobile app on their phones to locate nearby bicycles. Each bike has a code on the frame, which the customer scans to unlock the bike. They use the bike and when they are finished, they leave it on a public bike rack and lock it. The bicycles use NarrowBand IOT to power the locks, developed by Huawei and China Telecom.[18]

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 also provided convenient travel services for more than 30 million users in 46 cities around the world. The application has booked more than 100 million rides in 2017. The top companies from Singapore are in talks with ofo for employees travel offerings. [19]

ofo has cooperated with Alipay, China's largest online payment platform.[20].

While other dockless bike sharing companies, including ReddyBike and Obike have raised the ire of local communities, including Melbourne, Australia, because of a clutter of bikes parked anywhere it is legal to do so, ofo guides users to park their bikes in "preferred parking zones" via it's app. 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.[17]

Locations

ofo bikes are located in the following cities:

  • Australia: Adelaide, Sydney
  • Austria: Vienna
  • China: Beijing, Guangzhou, Shanghai, Shenzhen and other 200 cities
  • Singapore
  • Thailand: Bangkok, Phuket, Khon Kaen, others.[21]
  • Kazakhstan: Almaty
  • Israel: Nesher, Haifa District
  • Czech Republic: Prague
  • Italy: Milan, Varese
  • France: Paris[22]
  • Spain: Madrid[23], Granada[24]
  • United Kingdom: Cambridge, London, Norwich[25], Oxford
  • USA: Seattle, Dallas, Washington DC, Miami, Denver
  • Japan: Tokyo
  • Malaysia: Kuala Lumpur , Putrajaya , Cyberjaya , Penang , Melacca , Bangi

References

  1. ^ a b "One Startup Builds $1 Billion Business Out of 15-Cent Bike Rides". Bloomberg News. February 28, 2017. Retrieved March 11, 2017.
  2. ^ Lazo, Luz (October 9, 2017). "Chinese bike-share giant ofo is rolling into D.C." The Washington Post. Retrieved October 27, 2017.
  3. ^ Tao, Li (July 24, 2017). "Parents of ofo's bike user sue company for negligence after accident". South China Morning Post. Retrieved October 27, 2017.
  4. ^ Jiamin, Lua; Xueling, Lin (July 27, 2017). "You won't last 3 days, they told ofo co-founder, now a multimillionaire at 25". Channel News Asia. Retrieved October 27, 2017.
  5. ^ Annear, Steve (September 27, 2017). "A new bike-share company, ofo, is rolling into cities near Boston". Boston Globe. Retrieved November 19, 2017.
  6. ^ Yang, Yuan; Liu, Xinning (March 19, 2017). "China's bike-sharing boom in charts". The Financial Times. Retrieved November 19, 2017.
  7. ^ Phillips, Tom (December 27, 2016). "Bike-sharing revolution aims to put China back on two wheels". The Guardian. Retrieved November 19, 2017.
  8. ^ ""ofo bicycle": riding bicycles anytime and anywhere". Peking University. October 29, 2015. Retrieved October 27, 2017.
  9. ^ Qi, Liyan; Abkowitz, Alyssa (October 25, 2016). "Chinese Startups Saddle Up for Bike-Sharing Battle". Wall Street Journal. Retrieved October 27, 2017.
  10. ^ "ofo, Chinese bike-sharing firm, raises $450 million in latest funding round". Reuters. February 28, 2017. Retrieved March 11, 2017.
  11. ^ Cheong, Danson (February 18, 2017). "New bike-share scheme hits the road". Straits Times. Retrieved October 27, 2017.
  12. ^ Walsh, James (April 21, 2017). "'Uber for bikes' comes to Cambridge – if you can find it". The Guardian. Retrieved October 27, 2017.
  13. ^ Gutman, David (August 15, 2017). "Big Chinese firm will become third bike-share company operating in Seattle". The Seattle Times. Retrieved October 27, 2017.
  14. ^ Needham, Kristy (October 24, 2017). "World's biggest bike-share company ofo to bring hundreds more bikes to Sydney". Sydney Morning Herald. Retrieved October 27, 2017.
  15. ^ "ofo Eyes Global Expansion After Raising More Than $700 Million". Bloomberg News. 2017-07-06. Retrieved 2017-07-10.
  16. ^ Massey, Jacob. "Dockless bike share company ofo launches in Norwich". Eastern Daily Press. Retrieved 2017-11-07.
  17. ^ a b Needham, Kirsty (4 October 2017). "Ofo, the world's biggest share bike scheme, comes to Australia". Retrieved 21 November 2017.
  18. ^ "The Race is on NB-IoT Boosts Smart Bike Sharing for ofo". Huawei. Retrieved October 27, 2017.
  19. ^ Shu, Catherine. "Alibaba's Ant Financial invests in Chinese bike-sharing startup unicorn ofo". TechCrunch. Retrieved 2017-05-11.
  20. ^ Lu, Yaobin; Yang, Shuiqing; Chau, Patrick Y. K.; Cao, Yuzhi (2011-12-01). "Dynamics between the trust transfer process and intention to use mobile payment services: A cross-environment perspective". Information & Management. 48 (8): 393–403. doi:10.1016/j.im.2011.09.006.
  21. ^ "HOME TOP NEWS EXPERIENCE THAILAND BUSINESS TRAVEL KINGDOM GRIEVES Bicycle sharing service gets off to a running start in Thailand". Retrieved 21 November 2017.
  22. ^ "Vélo sans borne : le géant chinois ofo arrive à Paris". Le Figaro. December 5, 2017.
  23. ^ "Las bicicletas compartidas de ofo llegan a Madrid y buscan expandirse a Andalucía y Valencia". El Economista. October 6, 2017.
  24. ^ "Granada activa un nuevo servicio con mil bicicletas compartidas sin necesidad de aparcamiento fijo". Ideal. November 22, 2017.
  25. ^ Eastern Daily Press http://www.edp24.co.uk/news/ofo-to-launch-in-norwich-1-5256356
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