China-based chauffeured car service provider UCar has raised a $550m series B round from investors including Legend Capital, the investment arm of conglomerate Legend Holdings, China Money Network reported today.
Legend was joined by private equity firm Warburg Pincus. The two investors had previously been reported to be investing in a $250m series A round, however a new regulatory filing revealed they had instead purchased series B shares.
Launched by vehicle rental service China Auto Rental (CAR) in January 2015, UCar operates a ride-sharing app giving users access to professional drivers. The service is available in 60 cities across China using the brand name of its parent company, Shenzhou Zhuanche.
CAR invested $125m in series A funding in July 2015. The company was the sole investor in the series A round following Legend’s and Warburg Pincus’ decision to back the series B round instead.