China-based car rental company Yongche has received more than $100m in a series D round round that included internet company Baidu, Technode reported yesterday.
The round was led by Singapore sovereign wealth fund GIC, and sources have told Technode that internet company Baidu was also among the investors.
Yongche is a business vehicle rental service which operates in 49 Chinese cities, also overseeing a taxi app called Dache Xiaomi. The new funds will be used to expand its customer base to 100 cities covering China and international markets.
The company secured $60m in series B funding in December 2013 from online travel ageny Ctrip and venture capital firm DCM, after raising $20m from CBC Capital in April the same year.
Qualcomm Ventures, telecommunications equipment maker Qualcomm’s corporate venturing unit, and Morningside Ventures invested an undisclosed amount in Yongche’s series A round in 2011. Yongche, which was founded in 2010, also received “several million RMB” in angel funding from venture firm ZhenFund.