Chinese bike-sharing company Ofo Inc announced on Tuesday it finished its series E2-1 round of financing led by e-commerce giant Alibaba Group Holding Ltd, raising a record $866 million, the highest single round of financing in the bike-sharing sector, according to Xinhua.

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A group of bikers riding ofo bicycles pass by Chang'an Avenue, Beijing, on Mar 10, 2017. [Photo/China Daily]

Haofeng Group, Tianhe Capital, Alibaba's Ant Financial and Junli Capital participated in the investment.

Both the equity and credit investments were involved in this round of funding. After this round of financing, Alibaba will join the board of Ofo.