China-based electric vehicle sharing services provider Yibuyongche has secured RMB135m ($19m) in a series A round led by chemical company Do-Fluoride Chemicals, China Money Network reported today.
Yibuyongche, established in 2016, allows users to lease electric vehicles for short or long-term periods. Drivers gain access to a car by paying through mobile payment platforms WeChat or Alipay and entering a verification code using a mobile app.
The company charges RMB0.5 per minute or up to RMB99 per day for its vehicles, which are currently available in the cities of Zhengzhou, in Henan province, and Hefei, in Anhui province. It plans to expand to additional provinces including Shandong, Shaanzi, Liaoning and Jiangsu.
Yibuyongche hopes to deploy 100,000 vehicles over the next three years. The startup will work with Do-Fluoride in regards to industrial resources that will support integration and short-term vehicle leasing.