China Digest: Ponycar raises $37m Series C; Auto e-commerce Chexiang gets $150m from Ping An

Photographer: Nelson Ching/Bloomberg

Ponycar, an electric car sharing platform, has raised $37 million in its third investment round while  automobile e-commerce platform Chexiang.com  has raised $150m financing from Ping An Insurance, according to the China Money Network.

Electric car sharing platform Ponycar raised $37 m Series C

Shenzhen-based electric vehicle sharing platform, Ponycar has raised RMB250 million ($37 million) in a Series C round led by Zhihe Chuxing, a Chinese electric vehicle developer.

Founded in 2016, the electric vehicle allows users to find a nearby electric vehicle and rent without the need of a driver. The firm provides hourly and long-term vehicle rental along the lines of bike rental companies, Mobike and ofo.

It will use the latest proceeds in technology and research and development.

Ponycar raised $22 million Series B in June 2017 from Huiyou Capital, smart phone maker, Oppo and China Peakedness, an investment bank. In the same year in February, it received $7 million from automobile manufacturers, Zhongzhiyuan Group and Guoxin Fund.

O2O automobile e-commerce Chexiang.com gets $150m financing from Ping An

Online to offline automobile e-commerce platform, Chexiang.com, backed by auto maker SAIC Motor, has raised $150 million Series B led by Shenzhen-based Ping An Insurance (Group) Co Ltd.

Others who participated in the round include China Taiping, China’s state-owned financial and insurance group and China Merchants Wealth Asset Management.

Founded in March 2014, the platform offers online and offline services both for brand new and used cars. Facilities include leasing and maintenance.

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