China’s digital energy platform Newlink Group nets $200m led by Bain Capital

Newlink Group, an online platform that helps drivers connect gas stations and charging piles across China, on Monday announced that it has received a strategic investment of $200 million led by Bain Capital Private Equity.

Existing investor Joy Capital also made a follow-on investment in the round, per a company announcement. China Renaissance facilitated the transaction.

The equity financing will help to accelerate the digitalisation of its energy value chain.  

The latest round brings the total corpus bagged by Newlink Group in 2021 to as much as $300 million.

In January this year, Newlink completed a $100-million strategic investment led by China Merchants Bank’s Hong Kong-based arm CMB International with participation from Hongtai Aplus’ sub-fund Guodiao Hongtai Fund, TMT-focused Joy Capital and NIO Capital. 

Founded in 2016 in Beijing, Newlink Group promotes energy digitalisation by its innovative digital solutions including targeted online marketing tools, cloud-based SaaS systems and supply chain solutions. It helps gas station and electric vehicle charging station owners drive incremental sales, reduce procurement costs, manage operations and grow profits. 

Newlink, through the two flagship apps “Tuanyou” and “Kuaidian”, targets to serve the 400 million drivers in China, leveraging its network of 23,000 gas stations and 700,000 charging piles in 1,700 cities and towns across the country. 

“The strategic partnership with Bain Capital is an important step towards realizing Newlink’s ambition to transform the energy industry and build a greener society. Improved efficiency in the energy market will benefit producers, distributors and users from a cost perspective,” said Newlink founder and CEO Zhen Dai, in the statement.

Newlink’s early backers include Xiaomi Corp, Korea Investment Partners China, CICC Capital, SME Development Fund, Sino Pacific Capital, 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.