Chinese bike-sharing startup HelloBike is planning to raise at least $500 million in funding with a possibility of seeking as much as $1 billion, according to Bloomberg. The valuation being targeted for this round is not known but for a tip, HelloBike said it was valued at $2.3 billion June last year.

This report of HelloBike seeking more funding comes amid reports of competitor Ofo being on the verge of bankruptcy and another competitor Mobike pulling out of some Asian countries. Such moves indicate financial and operational hassles in cracking the bike-sharing market. According to Crunchbase data, HelloBike has already raised some $1.8 billion.

Investors in the company include Ant Financial, WM Motor, Fosun Group and Primavera Capital Group. Although HelloBike has inked up to 200 million registered users, it has expanded by raising new capital, with two funding rounds in 2018 alone. The company raised some 4 billion Yuan ($582 million as of then) as recently as December.

Even with huge funding, there’s no guarantee of a win in the bike-sharing game . Ofo which is reportedly on the verge of bankruptcy has raised $2.2 billion in total funding according to Crunchbase data. Ant Financial is also an investor in Ofo, along with its parent affiliate Alibaba, DST Global, Didi Chuxing, and Hony Capital.

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