Smartphone producer Oppo Electronics has co-led a RMB150m ($22m) round for China-based electric vehicle (EV) rental services provider Ponycar, China Money Network reported today.
Investment firm Huiyou Capital co-led the round with Oppo while investment bank China Peakedness also contributed capital.
Ponycar, which was founded in 2016, operates a rental service for EVs, enabling users to locate nearby cars using a mobile app. Oppo intends to assist the startup in scaling both its vehicle network and its marketing.
There are currently about 2,000 Ponycar vehicles in use in the cities of Shenzhen and Guangzhou, and the startup aims to next enter Beijing and Shanghai together with 10 mid-sized Chinese cities.
The round follows a $7m investment in Ponycar by automotive manufacturer Zhongzhiyuan Group and family office Guoxin Fund in January this year.