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Startups

China's bike-sharing startup Ofo mulled bankruptcy amid cash crisis

Unicorn faces customer revolt over stalled refunds

Ofo's yellow rental bikes pile up in a vacant lot in China's Fujian Province.   © Reuters

HONG KONG -- Just nine months after raising $866 million from investors including Alibaba Group Holding, Chinese bicycle-sharing startup Ofo faces a crippling cash crunch as disgruntled customers demand refunds.

Beijing-based Ofo has revealed the pressures are so great it has even considered bankruptcy in the face of mounting demands from customers, creditors and day to day operations.

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