Car-hailing firm UCAR registered operating revenue of RMB 5.85 billion in 2016, up by 235% YoY, while net loss was RMB 3.6 billion. CEO Mr. Charles Lu was optimistic that UCAR would return a profit this year.
Didi Chuxing, the ride-sharing firm that acquired Uber Technologies’ China unit last year, has held informal talks with investors about raising billions of dollars to buy more time to build a profitable business model, reported Bloomberg.
Chinese taxi App UCAR announced that it has raised RMB 4.6 billion in a private placement to four new investors. The proceeds was less than half of the company’s original fundraising target of 10 billion yuan.