Singapore’s iCarsClub has raised $60 million, in Series B round of funding, for its China venture – PPzuche, a Chinese peer-to-peer (P2P) car-rental – from IDG Capital Partners & MorningSide Ventures.
Source Code Capital, Sequoia Capital, Future Capital and Crystal Stream also participated in this round of funding, taking the company’s total financing to $70 million.
PPzuche, which was launched in Beijing during the second half of last year, will use the funding to expand operations and improve the quality of its offerings. The portal allows private vehicle owners to rent out their cars and earn money, and is currently available in 11 Chinese cities.The platform already has over 100,000 registered vehicles.
In Singapore, the company operates under the iCarsClub brand. According to its website, it launched Singapore operations on December 12, 2012 and is supported by the city state’s NUS Enterprise. Between Singapore and China, the company has about 120,000 private cars registered with it.
The company had raised its Series A round of funding in June this year from Sequoia Capital China, Crystal Stream Capital, Meituan CEO Wang Xing, Qunar CEO Zhuang Chenchao and from Huang Mingming of Future Capital.