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Bicycle rental company ofo reportedly scaling back in India

Beijing-based bicycle rental start-up ‘ofo', which announced the launch its services in India in February, is reportedly scaling back its operations in India. According to this report on TechNode, ofo has laid of resources concerned with operations in India, owing to a cash crunch. The company entered in India early this year starting with Pune, Coimbatore, Indore and then expanded to more cities like Ahmedabad, Bangalore, Delhi, and Chennai. It has reportedly shut down its operations in all cities except Pune. In a statement shared with MediaNama, Ofo's spokesperson said that  Our rapid expansion last year gave us the opportunity to better understand the international business. Our focus now is on our priority markets and moving towards profitability. We are communicating with our local markets about our plans to move forward. The company did not answer our question on whether they are shutting the shop…

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