Geely-backed Caocao Zhuanche aims to nab RMB3 billion in new funding round: sources

Shanghai (Gasgoo)- Caocao Zhuanche, a ride-hailing platform backed by Zhejiang Geely Holding Group, plans to raise up to RMB3 billion in a new round of financing, at a valuation of around $3 billion, according to people with direct knowledge of the plan.

The Geely-backed ride-hailing platform completed a RMB1 billion Series A funding round in January, with its valuation reaching over RMB10 billion. Liu Jinliang, chairman of Caocao Zhuanche, said that the company's Series B round is expected to be finished in October, while did not reveal the financing value then.

Caocao Zhuanche employs its own drivers and works on offering business rides and same-city goods delivery services using new energy vehicles (NEV). According to relevant data, the Geely's ride-hailing platform has currently deployed a total of 27,000 vehicles across 25 cities in China (with 23,000 vehicles put into practical use) and owned over 200 million registered users.

Since it was established in 2015, Caocao Zhuanche has gained a foothold in China's ride-hailing market. According to a Chinese data analysis platform, the active users registered on Caocao Zhuanche's platform have outnumbered such competitors as Yidao Yongche and Shouqi Limousine & Chauffeur around certain cities in China, only following Didi Chuxing.

Apart from ride-hailing services, Caocao Zhuanche aims to expand its businesses to chauffeur service, independent travel, hitching, car rental and goods delivery in the future.