Caocao Chuxing, the ride-hailing arm of automaker Geely, announced the completion of Round B financing worth RMB 3.8 billion (USD 589 million) on Monday, which will be used for the improvement of services for drivers and passengers, as well as the R&D and application of new technologies.
This financing is not only the first domestic equity investment for a ride-hailing company this year, but also the largest financing for a ride-hailing company in China since 2020. It indicates that investors might have identified new opportunities in this space, possibly due to the Cyberspace Administration of China’s cybersecurity recent investigation into ride-hailing giant Didi.
Established in 2015, Caocao Chuxing provides ride-hailing services in 62 cities across China, with more than 60 million registered users, more than 13.5 million monthly service users, and 3 million registered drivers. “Through continuous refined operations, Caocao Chuxing’s orders in July hit a record high, 150% of that in the same period last year,” Gong added. According to a public report by Equal Ocean, Caocao Chuxing’s monthly active users exceeded 10 million in July.
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