BEIJING (Reuters) – Mobike, one of many world’s greatest bike-sharing firms, is eliminating deposits for all clients in China, amid a fierce battle to win customers.

FILE PHOTO: A Mobike is pictured after Chinese language bike sharing firm MOBIKE launched its service in Mexico Metropolis, Mexico February 28, 2018. REUTERS/Henry Romero/File Photograph

Current customers will have the ability to get refund of their deposits as the corporate’s service additionally will get built-in into Meituan platform, Mobike stated, after a $2.7 billion takeover of the bike firm in April by Meituan, China’s largest supplier of on-demand on-line companies.

“The transfer is designed to ascertain a no-threshold, zero-burden and zero-condition deposit-free customary for the complete bikesharing trade,” Mobike stated in a press release.

The corporate can be launching e-bikes that may run as much as 70 kilometers per cost at a prime pace of 20 km/hour.

Mobike collected a 299 yuan ($45) deposit from every person in China, which makes up a majority of its 200 million customers globally. The corporate is competing with Alibaba-backed Ofo, which additionally counts ride-hailing agency Didi Chuxing as a serious investor.

The 2 bike-sharing firms have raised a whole lot of tens of millions of from buyers however have waged a expensive conflict of subsidies in a bid to win the Chinese language and abroad markets.

(This story corrects paragraph 5 to say a majority of Mobike’s 200 million customers, not all, are in China)

Reporting by Pei Li and Adam Jourdan; Enhancing by Gopakumar Warrier