Beijing-based Xiao Jingyu Technology, operator of mobile new energy car rental app Jingyu Chuxing, recently announced completion of a total of RMB 20 mln in angel and pre-Series A funding. Angel funding was provided by GSR United Capital, and pre-Series A funding was invested by Tsing Ventures.
Jingyu Chuxing said that funds will mainly be used to support vehicle deployment and operations. The company plans to expand to reach 10 county- or prefecture-level cities in the near future, including Laishui, Zhuozhou, and Sanhe. The platform initially launched in Yixian county in Hebei province.
Jingyu Chuxing is a new energy vehicle rental app, which provides information on charging station and vehicle location information.
Jingyu Chuxing has adopted a community-based operating model to attract customers. It focuses on areas with relatively high-value customer groups, such as teaching professionals in Yixian county, and uses Tencent's online QQ and WeChat groups to distribute information.
For its vehicle supply, Jingyu Chuxing partners with Beijing companies that have electric vehicles and possess the required operating licenses. It currently operates 200 vehicles, most of which are models from Beijing Automobile Works or Anhui-based Jianghuai Automobile (600418.SH) with Beijing or Tianjin license plates. Each vehicle generates revenues of approximately RMB 1,500 per month on average.
The platform's coverage area currently includes the capital of Yixian county and approximately 150 surrounding towns and villages. Some of its distribution outlets handle up to six transactions per day, and the average customer order is RMB 20. Jingyu Chuxing is planning to deploy 600 additional vehicles in the near future as part of its expansion strategy.
Editor's Note: For more information on this topic, please see "Mobile Electric Car Rental App 'Jingyu Chuxing' Lands RMB 5 Mln Angel Funding," MD 5/08/17 issue.