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China's bike-sharing boom hits Australia as Ofo launches in Sydney

Chinese bike-sharing company Ofo has expanded to Australia

Chinese bike-sharing company Ofo has launched in Sydney as it continues its global expansion.

Ofo has already launched in Singapore, Japan, Malaysia, Thailand, Kazakhstan, UK and US.

The launch comes days after rival Chinese bike-sharing company Mobike announced its expansion into South Korea.

The two companies are currently dominating the bike-sharing boom in China and are competing to grow their brands both within China and internationally.

In July, Ofo was valued at $2bn after raising $700m in investment funding, which was led by Alibaba. Mobike, which is valued at $3bn after it raised $600m this year, is backed by Tencent, among others.

Ofo’s Sydney launch will see 400 of its distinct yellow bicycles deployed across Sydney. It joins existing companies oBike and Reddy Go.

The launch follows a pilot program with 50 bikes in Adelaide and Ofo also plans to double the cities bikes in the coming weeks.

Ofo has deployed more than 10 million bicycles in 180 cities since launching in 2014.