China’s third-largest bike sharing service, which raised $90M, is reportedly closing down | TechCrunch

TechCrunch| Thu Nov 16 01:20:17 EST 2017
Bike-sharing, the year’s hottest startup trend in China and beyond, looks like it is about to see the biggest casualty of its cut-throat competition. Bluegogo, which had raised $90 million from investors and operates around 700,000 bikes across China, seems headed for the deadpool after Technode, our Chinese partner site, reported that the company has lost a slew of top executives and is now preventing users from withdrawing their 100 RMB ($15) deposit due to financial issues. Things are so bad, Technode said, that the company is in the process of dissolving and all salary payments to employees have been delayed until February 2018. Staff have reportedly already waited months without be..

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