Edaijia raises US$100 million in latest financing round
Driver hire service Edaijia has raised US$100 million in its Series D financing, raising its estimated value to US$8,000 million.
Driver hire service Edaijia has raised US$100 million in its Series D financing, raising its estimated value to US$8,000 million. US-based Warburg Pincus led this investment round, participated also by previous investors Matrix Partners China and Lightspeed China Partners.
Edaijia’s CEO Jiajun Yang said the company would enhance its product technology and scale up service after the financing.
Edaijia aims to leverage technology to continue improving operational efficiency in areas such as its online driver recruitment system, driver roster management system and smart driver management system. It will also enhance services by standardizing its service system and customer safety system, as well as develop its market penetration and brand recognition among users.
Edaijia will continue to enhance the coverage of the driver hire service for after-drinking users. It will extend its service network to cover second-and third-tier cities and plans to encompass 200 cities this year.
Ediajia will develop its7am -6pm daytime service which is offers more extended services, including car wash, pickup and shuttle service, than its after-drinking driver service at night.
Edaijia is also looking to expand overseas by setting up a branch in the relatively mature Korean market. From there it will continue to push for rapid development and expansion in overseas markets.
Ediajia was established in 2011 and now has up to 80,000 drivers in a service network covering 150 Chinese cities including Beijing, Shanghai, Guangzhou and Shenzhen. It has over 120,000 transactions a day during peak days. (Translation by David)