Chinese smart car supplier Banma raises $463.5m from Alibaba, SAIC, others

China-based internet car solution provider Banma Technologies has secured as much as 3 billion yuan ($463.5 million) from its majority shareholders such as Alibaba, Alibaba Jack Ma’s Yunfeng Capital, SAIC Motor and CMG-SDIC, according to an announcement.

In 2018, Banma had raised its first round to the tune of 1.6 billion yuan ($247 million) led by CMG-SDIC with the participation of Yunfeng Capital and SAIC Capital’s venture arm Shang Qi Capital.

Banma said it will use the corpus to spruce up its R&D, among others.

Alibaba Group and SAIC Motor jointly set up Banma in 2015, marking their foray into the smart auto industry. Banma offers comprehensive intelligent automobile solutions and digital transportation services in the automobile sector.

The company claims to have served over three million auto users.

Going forward, it will continue to focus on digitalization of transportation thereby ramping up man-machine co-driving and vehicle-road collaboration schemes, according to its official website.

Of all the investors, Yunfeng Capital has been actively in involved in the country’s smart auto sector. It has investments in Hong Kong-listed electric vehicle maker Xpeng, AI chip designer Horizon Robotics which had garnered $400 million Series C2 round funding in January this year, and online trading platform Chehaoduo Group, among others.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.