China's leading on-demand mobility (ODM) company Didi Chuxing on Monday announced its investment in ofo, one of the country's leading bicycle-sharing platforms.
Didi Chuxing said it has invested tens of millions of U.S. dollars in ofo, as part of a multi-layered partnership between the two companies in the urban mobility sector.
Created on the campus of Peking University in April 2014 as a student startup project, ofo applies mobile internet technology to optimize biking resources on China's campuses.
The startup has won over a robust user community across China, and has nearly 70,000 bikes shared every day among over 1.5 million users in 20 cities. Its daily rides number over 500,000.
Having recently acquired Uber's China operation, Didi is now the dominant mobile transportation business in China. Didi has 15 million drivers and car-owners, and serves close to 400 million users.
The company said it looks forward to "joining hands with more like-minded entrepreneurs in promoting the growth of the broader rideshare industry."