Beijing Business Today, 2/23/17
Shanghai-based Xin Gongying Information Technology, operator of online and mobile P2P car rental platform Atzuche, has announced the completion of nearly RMB 400 mln in Series C funding. Investors this round include China Pacific Insurance (Group) (2601.HK; 601601.SH), ChinaEquity Group (833858.NEEQ), Hangzhou Financial Investment Group, China Securities, Matrix Partners China, Hearst Capital, and Ivy Capital. The funding will primarily be used for product service upgrades and city expansion.
Atzuche is a P2P shared rental car service brand that launched in May 2014. Car owners can offer their vehicle for rent to other users through the platform. Atzuche currently has more than 5 mln registered users and 200,000 registered vehicles covering tens of thousands of different models. Atzuche services are offered in 25 cities, including Beijing, Shanghai, Guangzhou, Shenzhen, Nanjing, and Hangzhou. The company plans to expand to 40 cities within H1 2017, and reach nearly 100 by the end of the year. Atzuche is profitable in one city, and its business accounts for 20% of the city's total rental market.
Atzuche previously won RMB 9-digit Series B+ funding in July 2016, RMB 300 mln Series B funding in November 2015, RMB 8-digit Series A funding in October 2014, and RMB 8-digit angel funding in August 2014.
Editor's Note: For more information on this topic, please see "P2P Car Rental Platform 'Atzuche' Wins RMB 9-digit Series B+," MD 7/01/16 issue.