Beijing-based China Car Experts, a state-owned car rental company, announced on December 26 that the company has raised RMB 2.15 billion in its series A+ and B rounds.
The rounds had Taiping Asset Management as lead investor and were also backed by TianAn Property Insurance, ZiMu Investment and China Construction Bank's investment arm CCB International.
China Car Experts is a subsidiary of Shou Qi Group, which was founded in 1951 and is involved in passenger transport, vehicle sales and repair, car rental and auto-fuel sales.
China Car Experts received RMB 900 million as initial funds from parent Shou Qi Group and Shou Qi’s major investor BTG Hotels in early 2015. The company raised RMB 800 million (USD 120 million) in its series A round in October 2015. The round was supported by Harvest Fund.
China Car Experts said that the company currently ranks third in the Chinese car rental market, after CAR Inc. and eHi Car Services. The company operates nearly 500 offline stores in more than 70 cities in the country and has a fleet of over 30,000 vehicles. (Translated by Jerry)
