China-based electric vehicle (EV) rental services provider Ponycar has closed a RMB250m ($37.8m) series C round led by EV developer Zhihe Chuxing, China Money Network (CMN) reported yesterday.
Founded in October 2016, Ponycar operates an app-based EV rental service that allows users to locate nearby available vehicles and pay for rentals that can last from a few minutes up to several weeks.
Ponycar currently has more than 3,000 vehicles available to rent in the Chinese cities of Shenzhen, Guangzhou, Beijing and Xi’an, and has plans to expand to Chengdu, Wuhan, Shanghai and Changsha.
The round took Ponycar’s overall funding to $83m, according to China Money Network, though Ponycar did not respond to requests to confirm the deal and Zhihe Chuxing has not made any contact information publicly available.
Smartphone producer Oppo Electronics and investment firm Huiyou Capital previously co-led a $22m round for Ponycar in June this year that also featured investment bank China Peakedness.
Ponycar had already received a $7m investment from automotive manufacturer Zhongzhiyuan Group and family office Guoxin Fund five months earlier.