Do-Fluoride Chemicals leads $19m Series A in Chinese electric vehicle sharing firm

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Shenzhen-listed Do-Fluoride Chemicals has led a RMB135 million ($19 million) Series A round in electric vehicle sharing platform Yibuyongche, according to a China Money Network report.

Yibuyongche enables users to lease an electric vehicle via a mobile app and return it at any of its leasing locations. The payment is made via WeChat Pay or Alipay.

It first launched the services in Zhengzhou, Henan province last year. It expanded to Hefei, Anhui province in March. It plans to deploy 100,000 vehicles and tap into other provinces including Shandong, Shaanxi, Liaoning and Jiangsu within the next three years.

The electric vehicle sharing business has been on the rise in China, particularly in Beijing, Guangzhou, Shanghai and Shenzhen.

SAIC Motor Corporation joined hands with EVCARD, an electric-car rental firm, to launch over 6,500 cars in Shanghai and expand to up to 50 cities in 2017. In October last year, GM Motors announced its first investment in Chinese car-sharing startup Yi Wei Xing (Beijing) Technology, a developer of Feezu app.

Beijing-based TOGO, which started services in August 2015, recently secured RMB40 million ($5 million) in an extended Series A round led by Zhen Fund.

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