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Chinese bicycle-sharing startup Mobike expands into Japan
June 22, 2017 / 5:26 AM / 2 months ago

Chinese bicycle-sharing startup Mobike expands into Japan

FILE PHOTO: A Mobike sign is seen in Guangzhou, Guangdong Province, China, October 8, 2016.Stringer/File Photo

SHANGHAI (Reuters) - Chinese bicycle-sharing startup Mobike has set up a subsidiary in Fukuoka city in southern Japan and plans to begin service later this year, it said on Thursday.

The move into one of Japan's largest cities marks the latest overseas venture for the firm, which has already launched services in Singapore and the UK. The company has operations in around 100 Chinese cities and has raised over $900 million since October.

"The company is committed to providing smart bike-share services in collaboration with local governments across Japan," the company said in a statement, but did not provide details on its investment.

Mobike, whose backers include Tencent and Sequoia, has 100 million users and supports roughly 25 million rides a day. Its top competitor, ofo, raised $450 million in May from a range of investors including Chinese ride-sharing service Didi Chuxing.

The firm's app lets users scan QR codes on Mobike-branded bicycles, allowing them to unlock, use and pay for rentals on-demand.

(This story corrects to say that Fukuoka is in southern Japan, not north)

Reporting by Brenda Goh; Editing by Amrutha Gayathri

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