China-based ride hailing service T3 Chuxing has raised RMB7.7bn ($1.2bn) in series A funding from investors including smart cloud network service Yingtong Technology and online travel guide provider LY.com (Tongcheng).
Investment banking firm Citic Group led the round, which also featured private equity fund Redview Capital and investment firm Virtue Capital.
T3 provides an on-demand ride app which has 54 million users and operates across 41 Chinese cities. It was incubated by automotive groups Changan Automobile, FAW Group and Dongfeng Motor, internet company Tencent, e-commerce firm Alibaba and retailer Suning, which had provided about $1.45bn for the joint venture in early 2019.
Cui Dayong, chief executive of T3 Travel, said: “Completing the series A round marks a new starting point for our company’s development.
“To continue to promote [our] strategic goal, T3 will increase its investment in user service improvement, product innovation, technology research and development, and autonomous driving.” (Translated from Chinese by Global Corporate Venturing)
