Hello Inc., the Chinese bike-sharing unicorn backed by Jack Ma’s Ant Group Co., is trying to raise funds at a reduced valuation after abandoning a U.S. IPO, according to people familiar with the matter.
A little over a month after scrapping the planned share sale, the Shanghai-based startup is seeking between $100 million and $300 million in a private round of fundraising, the people said, asking not to be identified as the information isn’t public. Hello is valued at about $5 billion, according to data provider CB Insights.
