Chinese bike rental firm Hellobike (哈罗单车) is going to complete $1 billion worth of round from Ant Financial (an affiliate company of Alibaba Group), Fosun Capital, and some other existing investors, people familiar with the matter told Tencent Tech.
New heavyweight investors also joined this round, the source added.
If true, this would add to another milestone round to the firm’s fundraising frenzy.
In last December alone, Hellobike has announced two hefty financing deals in Series D1 and D2 rounds, securing a combined nearly RMB 3.3 billion from Ant Financial and Fosun Capital.
Hellobike merged with a major competitor Yongon in October 2017, and Hellobike’s team is leading the new company.
As of January 20, the firm is operating in 160 cities, providing service to nearly 100 million users with a daily order of 10 million, according to the firm.