Beijing-based Dongfang Cheyun Information Technology, operator of mobile and online car booking platform Yidao Yongche, has launched new online and mobile car rental services, allowing customers to rent vehicles for days, weeks and longer periods of time. With the new business, Yidao, which previously focused mainly on taxi and private car hailing services, aims to create a comprehensive platform offering car hire, driver and taxi services.
Editor's Note: Various Chinese news media reported today that Cheyun has invested RMB 8 bln (USD 1.3 bln) in the new car rental service, a figure that seems high, considering the company's Series C funding announced in September was reportedly in the range of USD 100 mln. At the time this news summary was posted, however, Marbridge had not yet been able to confirm the size of the investment in the new car rental service. For more information on this topic, please see "Taxi App Yidao Yongche Completes Series C Funding," MD 9/14/14 and "Update: Taxi App Developer Yongche Confirms Series B Funding," MD 4/28/13 issues.