Alibaba-backed Ofo shrinks overseas bike-sharing
Shuts down India, Australia and Israel to focus on profitable cities
- MEGHA BAHREE and EDOUARD MORTON, Contributing writers
- Additional reporting by Nikkei Asian Review Deputy Editor Zach Coleman
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…