Ofo said to seek $3b valuation in China funding wars

Ofo Inc., left and second left, Xiaoming Danche, third and fourth left, and other bicycles stand parked on a sidewalk in Shanghai, China, on Thursday, May 25, 2017. Photographer: Qilai Shen/Bloomberg

Chinese bike-rental startup Ofo is aiming to raise new funds at a valuation of about $3 billion, people familiar with the deal say, further inflaming an already pitched competition for capital by startups backed by the country’s largest technology firms.

Continue reading this story with a subscription to DealStreetAsia.