Ride sharing provider Linghangyuan completes multi-million funding round
Linghangyuan Technology rents out cars by the hour and provides customized technical services and operational solutions targeting business customers and leisure travelers.
Beijing-based ride sharing platform Linghangyuan Technology (meaning Navigator Technology in Chinese) has recently received millions of yuan in its angel round of financing led by China Overseas Hybrid New Energy. The funds will be used to expand new markets and launch a new ground transportation platform targeting business travelers.
Founded in 2015, Linghangyuan Technology rents out cars by the hour, based in Baoding City in Hebei and Jining City in Shandong. The startup also provides customized technical solutions targeting business customers and leisure travelers between the ages of 25-45. The services range from an SaaS platform, a car-sharing App supported by a vehicle management system, an hourly rental system, and a vehicle intelligent terminal to connect car equipment.
Linghangyuan Technology claims to provide car sharing solutions to over 80 companies across more than 60 cities. Among its corporate clients are NEVS, Zotye and Meituan Dache, a car-hailing business conducted by Meituan-Dianping.
Linghangyuan Technology also provides inter-county ground transportation services in third and fourth tier cities, providing car rental services for long-distance driving of more than 20 kilometers between counties and districts.
Linghangyuan Technology’s revenues come from the commission paid by franchisees and the car rental income generated from its self-operated projects. Dongning Zhao, CEO of Linghangyuan Technology, said the company had been returning a profit since 2017 and continued to grow in 2018.
When talking about competitive advantages, Zhao said that Linghangyuan Technology had amassed a pool of ride sharing data in different cities, having 100,000 paying users in total and 10,000 vehicles in operation. The company’s investor China Overseas Hybrid New Energy also has a proven track record in the new-energy vehicles space, and provides Linghangyuan Technology with more resources related to vehicles, charging stations and opportunities in new markets.
Linghangyuan Technology plans to engage more corporate partners in the next couple of years. In 2019, It will expand services across 30 cities that are popular business travel destinations, and further expand to 60 to 80 cities over the next three years.