Online Car Rental Platform 'China Car Experts' Wins RMB 2.15 Bln Funding
PE Daily, 12/27/16
Chinese car and bus service provider Shou Qi Group's subsidiary Shouqi Car Rental, operator of online and mobile car rental platform China Car Experts, has announced the completion of Series A+ and Series B funding for a total of RMB 2.15 bln. The funding was led by Taiping Asset Management with participation from Tianan Property Insurance, Zimu Fund, and China Construction Bank's investment services arm CCB International. The funding will primarily be used for procurement of vehicles, market expansion, technology R&D, and resource integration.
Shouqi Car Rental underwent a business transformation in July 2014, after which, the company received RMB 900 mln in start-up capital from Beijing Tourism Group and Shou Qi Group in early 2015, a RMB 27.0 bln credit line from six major banks in July 2015, and RMB 800 mln in Series A funding from Harvest Fund Management in October 2015.
With the capital assistance, Shouqi Car Rental was added to car rental platform Reocar.com on February 14, 2016 to complete its distribution across northern and southern China. The company announced its overarching transportation strategy in April 2016, in which client travel is the basis for designing comprehensive solutions including transportation, tourism, accommodations, and entertainment nationwide. Shouqi Car Rental began forming strategic partnerships with companies such as hotel operator Home Inns Group, online travel agency CCT.cn, and China Railway Corporation in H2 2016. Currently, Shouqi Car Rental has nearly 500 directly operated locations with 30,000 vehicles in more than 70 cities across China.
Editor's Note: For more information on this topic, please see "Online Car Rental Platform China Car Experts Wins USD 120 Mln Series A," MD 10/09/15 issue.
Keywords: vehicle rental app wireless Zimu Fund Taiping Asset Management VC China Construction Bank Internet funding Series A Harvest Fund Series B Tianan Property Insurance Shou Qi Group Shouqi Car Rental China Car Experts CCB International automobile