Temasek, Singapore’s state-owned investment firm, has jumped into China’s on-demand cycle war after it backed MoBike. China’s ride-sharing war is last..
Temasek, Singapore’s state-owned investment firm, has jumped into China’s on-demand cycle war after it backed MoBike.
China’s ride-sharing war is last year’s news. The big battle between Uber and Didi Chuxing is essentially over after the latter agreed to buy the former’s China-based business. The new startup drama du jour is in bikes — services that let you find a rental in the city using a mobile app and GPS-enable cycles — and MoBike is the busiest startup out there.
Beijing-based MoBike announced a $215 million Series D round led by Tencent in early January, and a strategic investment from manufacturing giant Foxconn weeks later. Today, it revealed a new (and also undisclosed) investment led by Temasek, an early Alibaba investor that backed Uber rival Grab in Southeast Asia, with participation from existing backer Hillhouse Capital.
