No wonder, then, that Ofo burned through the $1.5 billion-plus it raised between 2016 and 2017 from such high-profile investors as Yuri Milner’s DST Global, Didi Chuxing, Alibaba and Coatue Management. This difference in scale is, perhaps, crucial: where Ponybike exists to provide bikes and make a profit, Ofo and Mobike, both operate in over 200 cities and are entwined in a global battle – one fuelled by tech-giant rivalry and investors’ pursuit of data. The convenience and inexpensiveness of these apps have already made them a firm favourite amongst the student population, and recent months have seen the firms replacing and updating their bikes. Stay updated with our weekly curated news and updates. Ofo Raises Bike-Sharing Prices By Up To 3x Due To LTA Licensing Fees: Rides Under 15 Mins Now Cost $1. This S’pore Startup Opened World’s First Robotics Cafe And Lounge – Serves Close To 60 Drinks, How This S’pore Startup Makes Cell-Based Meat With Taste And Texture That Mimic Seafood, S’pore’s Unemployment Rate Rose To 3.6% – Gov’t Launches New Jobs Portal For Jobseekers, Save Money And The Earth: Here’s How You Can Buy Pre-Owned Tech Devices At Up To 70% Cheaper, For RM50/Month, These Sisters’ Startup Lets You Easily Buy & Try Designer Perfumes. Thus, as with many start-ups, it is likely that dock-less bike sharing firms are not funded by self-generated revenue, but rather by external investment. And then there is Ofo. What’s more, all three apps are only usable once users approve long and somewhat ambiguous lists of entities with whom they can rightfully share user data. View stories on our mobile app and tune into our weekly podcast. Ofo also increased the prices for its subscription pass. Firstly, why did three firms appear in the city almost simultaneously? “While there are associated costs with the licensing regime, we will definitely be looking into other means to manage the costs, and not pass them off to our users unnecessarily,” SG Bike’s marketing director, Benjamin Oh, told TODAY. Ofo failed to respond to me at all and Mobike declined to comment, instead sending a thirty-page whitepaper entitled “How Cycling Changes Cities”, which focused on urban planning. With the rise in compe… Till last year, many of India’s biggest startups were burning investor cash in a bid to outpace each other. As a result, only about half of the bikes supposedly in circulation were usable, former Ofo managers estimated. The two largest firms operating in Oxford, Ofo and Mobike, are owned by Chinese tech giants Alibaba and Tencent respectively, making the Ofo/Mobike competition but one field in the two firms’ ongoing global battle. Your privacy? Ofo’s revenue? Airbnb’s business in big cities shrank in late summer compared with a year earlier, previously unreported figures show, as the coronavirus pandemic kept the brakes on urban travel. It charged as little as 15 cents a month for unlimited use of each bike. The money to buy new bikes comes from the profit generated by running the scheme. They were meant to last two years. One of the wonderful things about being a tech reporter for going on two decades is the chance to observe executives in multiple acts. The 100X Club: Software Startup Valuations Skyrocket Despite Small Revenue, Amazon Plans for Rural Deliveries Amid Postal Service Problems, Amazon Catapults Over Alphabet on Capex Spending, Two Senior Lyft Execs Depart on Eve of California Ballot Showdown, Why Rally in Snap and Pinterest Stocks May Last. The sudden proliferation of these bikes does, however, raise a few questions. They came in three varieties: yellow, silver and blue, representing the three major bike sharing firms operating in the city (Ofo, Mobike and Pony Bike). Ofo (/ ˈ oʊ f oʊ /), stylised as ofo, is a Beijing-based bicycle sharing company founded in 2014. By now, the presence of these bikes has become a familiar sight to most of us. Whilst the deposit fees charged by these companies can be a useful source of initial capital, Mobike is the only firm in Oxford that charges such a fee. Ofo also increased the prices for its subscription pass. All Rights Reserved. Chinese bike-sharing firm Ofo has announced a new pricing scheme for its shared bikes following the introduction of a licensing fee by the Land Transport Authority (LTA).