In 2018, Ofo announced massive reduction in operations, including withdrawing from most US cities and from several entire countries.
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10 Facts About Ofo
2.
In 2016, Ofo expanded to other cities in China, and had a fleet of 85,000 bicycles by the end of the year.
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3.
In July 2017, Ofo announced US$700 million of additional funding in a round led by Alibaba, Hony Capital and Citic PE.
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5.
US market, Ofo hired Uber spokesperson and Mandarin speaker Chris Taylor to run US operations.
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6.
Amidst a cash crunch, Ofo only ordered 80,000 of its expected 5 million annual bicycles.
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7.
In July 2018, Ofo announced that it will entirely leave several countries and significantly reduce the number of cities served in others in order to focus on "priority" markets.
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8.
In December 2018, Ofo considered declaring bankruptcy several times over cash flow issues.
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9.
On January 14,2019, Singapore's Land Transport Authority suspended Ofo's operating license due to its failure to meet regulatory requirements such as implementation of QR code for parking of bike and decreasing its fleet size.
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10.
Terms of service for Ofo required injury claims to be settled by a private arbitrator.
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