Ctrip, a China-based online travel company, has invested in a $60m funding round raised by China-based car rental service Yongche.
The round also saw participation from DCM, an early stage venture capital firm with more than $2.5bn under management.
Yongche provides individuals and businesses with the ability to reserve medium and high-end cars through a smartphone app. It covers 49 cities in China and plans to expand its service over the next year.
Qualcomm Ventures, the investment arm of wireless technology company Qualcomm, and investment group Morningside Ventures took part in Yongche’s $10m series A round, while a $15m series B round brought investment from private equity firm CBC Capital. ZhenFund invested $1m in Yongche’s Angel round in 2010.
The funding from the latest round will help Yongche develop its mobile app and it expects to launch version 5.0 shortly.