Plastic pipe manufacturer Fujian Newchoice Pipe Technology has invested RMB128m ($19.5m) in China-based bus booking app developer Dadabus, China Money Network reported on Wednesday citing a disclosure document.
Dadabus operates a mobile app that enables users to book buses, and it is mostly used by office workers. The company, which runs more than 2,000 bus routes serving around two million users, will collaborate with Newchoice Pipe on supplying clean energy buses.
The deal gave Newchoice Pipe an 18.7% stake, and valued Dadabus at approximately $96m. It reportedly follows two investments by Newchoice, which is said to be looking to expand into new-energy vehicles, in China-based energy companies.
Dadabus raised RMB42m in seed and series A-stage funding in spring 2015 before securing $32m from Northern Light Northern Light Venture Capital and Jinqiao Capital in September.