Chinese bicycle sharing startup Hello Inc, which is backed by Jack Ma’s Ant Group, is trying to raise funds at a lower valuation, just a month after scrapping its U.S initial public offering plans, Bloomberg News reported on Wednesday.
The company is seeking to raise between $100 million and $300 million in a private funding round, the report https://www.bloomberg.com/news/articles/2021-09-08/ant-backed-hello-said-to-seek-funds-at-likely-lower-valuation?sref=I5jUJbND said, citing people familiar with the matter.
Hello, which offers two-wheeler services and operates a carpooling marketplace in China, said in July it was scrapping its IPO in the United States, against the backdrop of a regulatory crackdown on U.S.-listed Chinese companies. (https://reut.rs/3heiScX)
Hello did not immediately respond to a Reuters request for comment. (Reporting by Eva Mathews in Bengaluru; Editing by Saumyadeb Chakrabarty)