"Founded in 2014, Ofo, the Alibaba-backed bike-sharing service, having raised over $2.2B and being a poster boy of Chinese start-ups, is considering filing for bankruptcy. An estimated 10 Million of Chinese Ofo subscribers are currently queued up for refunds of their RMB 99 ($14) deposit, which the company is processing online. Costly battles for market share, with apparently no barriers to entry for smaller new players, have meant Ofo struggling to make a profit. Ofo is estimated to be burning through roughly $25M per month. With Ofo’s survival now at risk, the whole bike-sharing industry will surely turn un-attractive to investors, making it difficult, if at all, for Ofo to find a company to rescue it." – Vinay Piparsania