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Sharing Economy

Alibaba-backed Ofo shrinks overseas bike-sharing

Shuts down India, Australia and Israel to focus on profitable cities

NEW DELHI/MELBOURNE, Australia -- Ofo, which has flooded city streets across China and around the world with discount bicycle rentals, is giving up on India, Australia and several other markets.

The Chinese company, which counts Alibaba Group Holding as a key investor, said it would wind up operations in Australia and India, within two months. In the past few days, the company has also announced its pull out from Israel and cities including Chicago in the U.S. and Sheffield in the U.K.

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