Ofo raises $866m in financing led by Alibaba

Chinese bike-sharing company Ofo Inc announced on Tuesday it finished its series E2-1 round of financing led by e-commerce giant Alibaba Group Holding Ltd, raising a record $866 million, the highest single round of financing in the bike-sharing sector, according to Xinhua.

Haofeng Group, Tianhe Capital, Alibaba's Ant Financial and Junli Capital participated in the investment.

Both the equity and credit investments were involved in this round of funding. After this round of financing, Alibaba will join the board of Ofo.