A Chinese bicycle-sharing start-up has formally announced that it plans to expand its business into Japan. Beijing Mobike Technology has enjoyed incredible success since its inception - and its disclosure that it has set-up a subsidiary in the Japanese city of Fukuoka has cemented its status as one of the fastest-growing start-up companies in the world.
The bicycle-sharing technology company's decision to move into the Japanese market represents the latest in a series of overseas ventures for Mobike. It has recently launched services in Singapore and the UK - the move into the UK represented its first European expansion and the organization now has operations in more than 100 cities across the world.
Its success has subsequently now made Shanghai the largest bike-share city. Earlier this month, it was announced that Mobike had raised a staggering $600m in Series E funding which was spearheaded by Tencent - which brought the firm's overall fund raising to a total close to US$1 billion.
In a statement issued to the press, a spokesman for the company declined to disclose how much of an investment it has made by entering the Japanese market, but did express the firm's commitment to forming partnerships with local governments across Japan. The spokesman said, "Mobike is committed to providing smart bike-share services in collaboration with local governments across Japan."
Mobike really does provide a unique and incredible service for its users. It has 100 million users and research has estimated that it supports around 25 million rides a day. Its top competitor OFO raised $450m in May from a consortium of investors which included Chinese ride-sharing Didi Chuxing. Mobike's app enables users to scan QR codes on its branded bicycles, which in turn allows them to unlock, use and pay for the rentals on demands.