Mobikes bikes lined up on the streets.  Mobike is one of
Mobikes bikes lined up on the streets in Beijing, China on January 1, 2017. Zhang Peng — LightRocket via Getty Images

This Chinese Bike-Share Startup Just Raised Another $215 Million

Jan 04, 2017

Chinese bike-sharing start-up Mobike has closed a $215 million series D funding round led by Tencent Holdings and Warburg Pincus LLC.

Mobike , founded in 2015, is one of several bike-sharing services in China and allows users to find, unlock and pay to rent the company's bicycles through a smartphone app.

New investors include Chinese travel company Ctrip.com International, private equity firm TPG Capital and Huazhou Hotels Group, Mobike said in a statement on Wednesday.

Mobike , which did not disclose its latest valuation, aims to tap demand from Chinese white-collar workers seeking an alternative to congested roads and public transport in the country's largest cities.

Bike-sharing apps have flourished in the past year, even as investment in other Chinese sharing economy start-ups has cooled.

Get Data Sheet, Fortune’s technology newsletter.

One of Mobike 's main competitors, ofo, recently raised $130 million from investors including smart hardware business Xiaomi and taxi-hailing company Didi Chuxing.

The bike services have also been lauded by advocates of China's goal to build a network of smart cities.

"Our investment in Mobike demonstrates our commitment to supporting the development of the sharing economy and smart cities in China," said Tencent Chairman and Chief Executive Pony Ma in the joint statement.

Previous investors Sequoia Capital and Hillhouse Capital also participated in the D series funding.

Mobike currently operates in nine cities within China and raised $100 million as part of an October funding round in which Tencent also participated.

All products and services featured are based solely on editorial selection. FORTUNE may receive compensation for some links to products and services on this website.

Quotes delayed at least 15 minutes. Market data provided by Interactive Data. ETF and Mutual Fund data provided by Morningstar, Inc. Dow Jones Terms & Conditions: http://www.djindexes.com/mdsidx/html/tandc/indexestandcs.html. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Terms & Conditions. Powered and implemented by Interactive Data Managed Solutions