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China's version of Uber makes big bet on bike sharing

Ride-sharing company Didi Chuxing says it has invested "tens of millions of US dollars" in Ofo, China's largest bicycle-sharing platform.


Bicycles and scooters are popular forms of transportation in China.

Fred Dufour/AFP/Getty Images

Didi Chuxing, China's answer to the ride-sharing service Uber, wants to find success on two wheels. The company said Monday it has invested "tens of millions of US dollars" in a bicycle-sharing platform called Ofo.

Ofo began as a student start-up at Peking University in 2014. It's now the country's largest bike-sharing platform, according to Didi Chuxing. Neither company immediately returned requests for comment.

Didi Chuxing has had a busy couple of months. The company said in August that it would buy Uber's Chinese operations to create a new company expected to be worth around $35 billion (around £19 billion or AU$46 billion) pending the review of Chinese regulators. And Apple recently invested $1 billion in Didi Chuxing in a move potentially linked to its car-related Project Titan, which is rumored to involve a ride-sharing element.