A new tailor-made bike by Ofo Inc. [Photo provided to chinadaily.com.cn]

Chinese bike sharing company Ofo announced on Thursday it has raised more than $700 million in its latest round of financing, the largest in the bike-sharing industry to date.

The funding round is being led by Alibaba Group, Hony Capital and CITIC Private Equity, with additional participation from current investors Didi Chuxing and DST Global, the company said.

The company completed its Series D round of financing in February, raising $450 million.

Since its launch in June of 2015, Ofo has connected over 6.5 million bikes to riders in 150 cities across five countries, generating more than 25 million transactions daily. More than 2 billion rides have been provided to over 100 million users globally, the company said.

By the end of 2017, Ofo plans to deploy 20 million bikes on the streets, growing its service to reach 200 cities in 20 countries across the globe, according to a company statement.

Last month, Ofo's arch rival Mobike announced it had raised more than $600 million in its latest round of financing led by existing investor Tencent Holdings, boosting this year's funding past $1 billion.