UCAR raises US$550 million in B Series financing
Youche Technology, the operator of top Chinese car rental company CAR Inc’s UCAR chauffeur service, has raised US$550 million in its B Series financing round.
Youche Technology, the operator of top Chinese car rental company CAR Inc’s UCAR chauffeur service, has completed its B Series financing round, raising US$550 million from a group of seven Chinese and foreign investors that include Industrial Asset Management, New China Wealth and Asset Management, China Chengtong and Real Sun.
CAR Chauffuer draws drivers and vehicles from CAR Inc's motor pool
Youche Technology’s original shareholders – US-based Warburg Pincus, CAR Inc and Legend Capital – also participated in the investment round. The estimated value of Youche Technology has been boosted to US$3.55 billion after this round of financing.
Unlike the car-hire platforms that use owner-drivers and adopt a C2C model, UCAR has always insisted on using professional drivers and a B2C model since its inauguration. Its entire fleet is drawn from CAR Inc’s own motor pool or car rentals’ and its drivers have all undergone rigorous selection and training.
Zhengyao Lu, CAR Inc’s chairman and CEO cum Youche Technology chairman of the board, said UCAR differentiates itself from typical express car or carpool services by offering safe, quality and reliable car-hire service for users.
Mr. Lu said this financing round of Youche Technology’s only took six weeks, and investors were enthusiastic, indicating that CAR Inc’s products and services are well recognized in the market. CAR Inc will continue to bar privately-owned cars from its pool and will keep providing genuine chauffeur service to users.
Youche Technology was launched in January 28 this year and has raised a total of US$800 million in financing within in eight month of operations, having raised US$250 milllion in the A Series financing ended on July 1, and US$550 million in this B financing round ended on September 17.(Translation by David)