China-based ride sharing app developer Tiantian Yongche has secured an undisclosed eight-figure dollar amount in a series C round led by search engine provider Baidu, Tech in Asia reported earlier today.
Venture capital firm Sequoia Capital also partiicipated in the round, which valued Tiantian Yongche at $200m. The company, which operates in several large Chinese cities including Beijing and Shanghai, raised a reporteed $10m in January, after securing $3m in a June 2014 series A round.
The funding follows a similar eight-figure dollar investment by Baidu in another China-based taxi hailing app, 51Yongche last week in a round that also included Sequoia.
51Yongche previously raised an undisclosed amount of angel funding from Lei Jun, CEO of smartphone maker Xiaomi, before VC fund Innovation Works led its series A round and Sequoia its series B.
Baidu had already invested $600m in US-based Uber, the global market leader, in December 2014. It is also an investor in Yidao Yongche, another China-based taxi ordering service which reports last month suggested could be in line to be acquired by Uber.
The Chinese ridesharing market is dominated by Didi Dache-Kuaidi Dache, which covers 95% of the market and is valued at $6bn following a merger between its two constituent companies in February this year.