Famous Chinese Bicycle sharing startup ofo, intends to enter Indian market by early 2018. Presently, they are doing an extensive analysis of the laws and procedure of a foreign transportation company in India. Founded in 2014, ofo is one of the hottest startup in China and gained a stunning response.
In July 2017 ofo announced $700 million of new funding in a round led by Alibaba, Citic PE and Hony Capital. Majority of the fund will be spent for global business enhancement. As per the data, 8 million bicycles to more than 100 million users across eight countries, including the UK, Singapore, Malaysia and the US.
Currently, they are charging $1/ hr, but they are considering the best rates fit for the Indian market. ofo is hoping for Indian metros and young professionals where environmental issues are welcomed.
How ofo works?
- ofo app is available both in Android and IoS version. Simply download the app on your phone.
- Open the app and find the ofo bicycles available near you.
- When you reach near the ofo bicycle, simply tap the “unlock” button and scan the barcode. Just unlock it and enjoy the ride.
- Once your journey is finished, simply park it safely and legally.
- Do the locking manually to complete your ride.
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