Bloomberg: How Mobike turned into a USD 3 bln start-up from a crazy idea

Newsroom 05/04/2018 | 10:29

Bloomberg published a story about Mobike, the Chinese bike-sharing start-up, that was sold to Food delivery giant Meituan Dianping.

The deal saw the start-up’s value soar to USD 3.4 billion.

“Mobike’s unlikely tale began in 2015 when Hu’s team worked out of an office next to their building’s communal toilet. Along with co-founders such as Davis Wang, she hatched the idea of pooling bicycles — long associated with Communist China’s industrial boom — to help harried urbanites glide through worsening congestion. Around that time, a bunch of college kids led by Dai Wei were experimenting on-campus with the same idea, eventually creating Ofo — now Mobike’s biggest rival,” wrote journalists at Bloomberg.

 

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Download PDF: Business Review Magazine June 2024 Issue

The June 2024 issue of Business Review Magazine is now available in digital format, featuring the main cover story titled “VTEX secures landmark partnership with major German retailer”. To
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