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[YS Exclusive] Bounce acquires Ofo’s India assets, enters dockless bike sharing market

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27.11.2018

Scooter-sharing platform Bounce takes over assets of Chinese bike sharing unicorn Ofo in India; aims to continue solving commute problems and scale.

Bounce (earlier Metro Bikes) announced it has acquired the India assets of Chinese-bike sharing giant Ofo. Some members of Ofo India's senior management team have also joined Bounce. The terms of the deal were undisclosed.

Earlier this year, Chinese dockless bike sharing unicorn Ofo had entered India with a big bang. It entered into tie-ups with civic bodies in Pune and Coimbatore and started operations in these cities. During the launch, Dai Wei, CEO and Founder of Ofo, had said in a conversation with YourStory: “India is one of the key regional markets for Ofo globally. We are thrilled about starting our services and are committed to expanding our services in the Indian market, [and helping] solve issues related to traffic congestion and air pollution.”

Ofo claimed it started off to a flying start in India but was soon faced with a cash crunch

The company claimed it clocked over 1.1 million rides in just 10 weeks of operations in India. Globally, it sees 32 million rides per day, of which 30 million are in China. It has 10 million bikes globally.

A few months down the line, however, Ofo........

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