Shouqi Limousine and Chauffeur, a ride hailing company formed by China-based taxi services Shouqi Group and Xianglong Taxi, has received RMB600m ($88m) in series B funding from an undisclosed investor, China Money Network reported on Friday.
The investor will gain an 11.76% stake for their investment, which values Shouqi Limousine and Chauffeur at approximately $750m, according to China Money Network, which cited a company announcement.
Shouqi Limousine and Chauffeur was founded in 2015 as an offshoot of Shouqi Group, and runs a chauffeured on-demand ride service that uses its own inventory of vehicles. It operates in 47 Chinese cities, and made a $129m net loss in 2016 from revenue of $55m.
Investment group China Jianyin Investment provided approximately $34m in funding for the company in December 2016 through a subsidiary and now owns a 13.9% stake. Wealth management firm Harvest Capital Management holds an 8.5% share.
Another Shouqi Group spinout, electric vehicle rental platform Shouqi Zhixing, recently raised $8.1m in series A funding from undisclosed investors, according to China Money Network.