In October, we reported that China's bicycle sharing startup Ofo is about to enter Indian market and today, if a report by VCCircle is to be beloeved, the time has come that the startup has finally entered India.

Citing a social media posts by Ofo's senior executives, the report further states that the startup will launch its services starting with Chennai.

Ofo will import bikes into India and proposes to offer its services for free and waive deposits till the year-end, Chinese state news agency Xinhua reported, citing the company.

Bike-sharing has become a new hotbed in India as the market is already occupied by three local players -- Ola with its Ola Pedals, Zoomcar and recently announced Yulu.

In October, Zoomcar has too launched its bicycle-rental service PEDL, while Ola just launched Ola Pedals on pilot basis. Meanwhile, InMobi co-founder Amit Gupta recently stepped down to launch its new venture which too is bicycle sharing startup Yulu.

In July, Alibaba Group, along with cab aggregator Didi Chuxing and DST Global, had pumped in $700 million in Ofo, powering its global expansion in the face of tough competition at home. A Reuters report had said that Ofo was also in talks with SoftBank for a $1-billion funding round.

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