Carpool app Tiantian Yongche raises US$10 million
Tiantian Yongche has raised US$10 million in its Series B following a US$3 million Series A funding in June 2014.
Transportation O2O carpooling app Tiantian Yongche has raised US$10 million in its Series B financing from Sequoia Capital, following a US$3 million Series A funding in June 2014.
Operated by Beijing Tian Heyi Tech, Tiantian Yongche provides a platform for carpooling and car sharing for commuters. Its founder and CEO Guanglong Zhai is a former assistant to Meituan CEO Xing Wang and CEO of accommodation rental Mayi.
Users of Tiantian Yongche first enter their trip details via the app and then get a price quotation based on their route and car type. A matching car owner will then be alerted about the order. After the car owner accepts the order, the user makes a prepayment before both parties negotiate the time and pickup location. The transaction finishes when the user confirms trip completion. Mr. Zhai said that Tiantian Yongche records around 5,000 transactions per day in its operations in Beijing, Shanghai and Hangzhou.
Mr. Zhai thinks that recent transportation authorities' policies for regulating O2O chauffeur service platforms is great news for the industry, as it's an indication that the sector’s innovative model is getting noticed and that transport authorities are placing more focus on the development of O2O-related transportation models. He also said it’s hard to compare Tiantian Yongche O2O app to a taxi or chauffeur service as the service is not provided by professional hire car drivers.(Translation by David)