China-based peer-to-peer private vehicle rental platform BaoJia has secured $30m in a series A round that featured online listings company 58.com, China Money Network has reported.
Insurance company Ping An Insurance and venture capital firm Qiming Venture Partners also participated in the round.
58.com CEO Yao Jinbo previously participated in BaoJia’s $5m angel round in May 2014 alongside other individual investors.
BaoJia offers car owners a way to rent their out their vehicles to other drivers, offering them liability insurance through Ping An and the ability to agree on a price with the other driver. It operates in more than 50 cities across China.
The series A funding will be used for marketing and to grow the company’s user base. BaoJia will also integrate with 58.com to further increase its expand the services it provides.
– Photo courtesy of BaoJia