Chinese bike-sharing company ofo to enter India

BEIJING - Chinese bike-sharing company ofo is set to enter India, the company announced Wednesday.

An agreement has been reached and bikes are being transported to India, according to ofo. The bikes will initially be available in Chennai, Bangalore, Ahmedabad, and Indore. They can be used free of charge with no deposit required until the end of 2017, the company said.

So far, ofo has announced services in 19 countries, with more than 10 million bikes available for 200 million users globally.

Rising from nowhere, China's bike-sharing industry reached a frenzy in less than three years. The two market leaders -- ofo and Mobike -- are both worth more than 10 billion yuan ($1.5 billion).