Wuhan Banma Kuaipao Technology, a China-based ride hailing service backed by corporates Do-Fluoride Chemicals and Haijing, has received RMB300m ($43.2m) in funding from private equity firm QJY Capital, China Money Network reported on Tuesday.
Founded in 2015 and also known as Zebra Express, Banma Kuaipao operates a last-mile delivery service that utilises a network of local drivers. However, it is looking to enter the passenger market and has secured a total of 125 ride hailing licences for cities across China, many in second and third-tier cities.
The funding will support the expansion of Banma Kuaipao’s ride hailing business, and comes after it formed a strategic partnership with automotive manufacturer Zotye Auto that will involve the latter supplying it with cars and fuel.
Banma Kuaipao raised approximately $5.6m in July 2015 from investors including Walden International, before adding roughly $15.7m from unnamed backers in November the same year.
Bojia Ventures, a corporate venturing vehicle for chemicals producer Do-Fluoride Chemicals, invested $22.5m in the company in August 2016.
Manufacturing equipment maker Haijing subsequently joined Haishu Group, Lianxin Investment, Yuanfeng Venture Capital and New Energy Automobile Industry Fund to provide approximately $94.3m for Banma Kuaipao in April 2017 at a $725m valuation.
