China Digest: Alibaba-backed Banma raises $234m; Meimai snags $30m

REUTERS

Chinese smart car venture Banma Network Technologies has secured $234 million from Yunfeng Capital and others while healthcare technology platform Meimai has snagged $30 million led by Cenova Capital.

Banma secures $234m funding from Yunfeng Capital others

Banma Network Technologies, a smart car venture of Alibaba Group and Chinese state-owned automaker SAIC Motor, has raised over RMB1.6 billion ($234 million) from Yunfeng Capital, Shang Qi Capital and China’s State Development & Investment Corporation (SDIC), according to a release.

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