China Car Experts raises US$120 million in Series A financing
Car rental platform China Car Experts has announced it has received US$120 million from Harvest Investment in its A Series financing round.
Car rental platform China Car Experts has announced it has received US$120 million from Harvest Investment in its A Series financing round. The investment will be used to expand its fleet, upgrade its technology and recruit talent.
Shouqi Limousine and Chauffeur
China Car Experts already received US$150 million raised in its Pre-A financing round from its shareholders BTG Group and Shou Qi Group worth. At the time, it outlined a three-point development plan.
1. It aims to achieve an O2O model with its online and offline resources while leveraging the internet + convenient transportation business model to satisfy public demand.
It recently ran a trial of its car-hire service, Shouqi Limousine and Chauffeur, in Beijing and will launch it in several major cities by year end. It also actively incorporates new energy vehicles in its distribution and is experimenting with the model of green smart car rental platform Car2Share.
2. It will form dynamic partnerships with auto makers that have influential and powerful brands, such as Mercedes Benz, GM, VW, Toyota, Peugeot-Citroen and Nissan.
3. It will venture into the bond market and sign comprehensive credit agreements worth a total of RMB27 billion with six major Chinese banks - China CITIC Bank, BOC, Bank of Communications, China Merchants Bank, Bank of Beijing and China Minsheng Bank.
The investor for this round, Harvest Investment, was established in 1999 by Harvest Fund as a first grade market investment platform. It is providing capital as well as resource channels to support China Car Experts.
China Car Experts was established in 1992 as China’s first comprehensive car rental service provider. Over the last 20 years, it has established over 150 directly managed service centers in over 50 cities around the country. It operates a fleet of some 15,000 vehicles offering traditional short-term rental, fixed long-term rental, corporate vehicle and official vehicle services.(Translation by David)