First publishedon www.ITSInternational.com
Chinese bike sharing company Ofo is scaling back its US operations and has laid off employees from multiple departments. The move, according to a report by Quartz
, will allow the company to refocus on markets in a bid to become profitable.
The start-up plans to continue operating in US cities such as Seattle, San Diego and New York.
According to Quartz, the company is also leaving Australia and Israel and reducing operations in the UK.
The company operates yellow bicycles which riders can rent through a mobile app for around £1 per minute or one hour ride, depending on the city.
Ofo was founded in 2014 by students at Beijing’s Peking University and entered the US last year with the intention of offering a transportation option that could cover first- or last-mile trips.