Ofo ! China's bicycle sharing Unicorn set to enter India

Ofo ! China's bicycle sharing Unicorn set to enter India

Posted by M.Venkatesh on October 3rd 2017

Beijing-based bicycle sharing start-up Ofo, has reportedly announced plans to enter the Indian market by the first half of 2018. The$2 Bn valued unicorn aims to extend operations to a total of 200 cities in the coming months.

As of now Ofo is doing extensive ground research in India, examining government policies and the permissions required where foreign businesses in the transportation sector are concerned, as well as looking into the infrastructural limitations.
 
Boasting a user base spread across 170 cities in China, Singapore, the US, Austria, Thailand, the UK, Russia, Italy, Australia and Kazakhstan, Ofo serves as a “non-docking” platform that allows users to track as well as lock and unlock their bicycles remotely. The company currently charges $1 per hour for its services. 
 
How to adapt to the Indian scenario :Ofo’s model would need to be tweaked and localised for the Indian market. Since civic behaviour is a concern in India,there is a chance of the bikes being sabotaged or stolen. So Ofo is presently looking at Indian metros and considering targeting young professionals or the middle or upper middle-class sections where literacy isn’t a concern and environmental sustainability is appreciated.
 
Founded in 2014 by former Peking University students Xue Dong, Zhang Siding, Yang Pinjie, Yu Xin, Dai Wei, Ofo is looking to solve the “last mile” problem of urban transportation by making bikes more accessible to commuters and travelers. In the last three years, Ofo claims to have connected nearly 8 Mn bicycles to more than 100 Mn users globally.
 
To avail the services, users are required to download the Ofo app (iOS/Android). With the help of the app, users can scan the QR code as well as enter the plate number displayed on each bike to receive a passcode for unlocking it. (Source Inc42)

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