Hellobike owner Hello TransTech has defied difficulties in the bicycle rental sector to raise $582m in a round co-led by existing investor Ant Financial.

Ant Financial, e-commerce group Alibaba’s financial services affiliate, has co-led a funding round sized at almost RMB4bn ($582m) for Hello TransTech, the China-based operator of bicycle rental service Hellobike, Jiemian has reported. The round was co-led by investment firm Primavera Capital Group and included undisclosed existing investors. A Hello TransTech spokesperson confirmed the details to…

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