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Ant-Backed Hello Seeking Funds at Likely Lower Valuation

  • Unicorn could see potential down round after scrapped U.S. IPO
  • Bike-sharing startup to raise $100 million to $300 million
Inside Hello's Office As Ant-Backed Bike-Sharing Firm Filed Confidentially for IPO
Photographer: Qilai Shen/Bloomberg
Updated on

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.