Qiming commits $10m to China car rental platform Zuzuche
Qiming Venture Partners has invested $10 million in a Series A round of funding for Zuzuche.com, a Chinese third-party car rental platform.
Guangzhou-based Zuzuche was launched in 2011, offering price information and online booking services with various overseas and domestic operators. The rental service covers 176 countries through partnerships with over 600 international car service providers, such as Avis, EuroCar and Enterprise Holdings. The platform also connects users to domestic car rental firms but it isn't Zuzuche's core business.
Bin Li, the company's founder, told local media that over 100,000 cars are rented from overseas operators through the platform every day, compared to 20,000 cars ordered domestically. While customers will prefer booking through service providers' official websites to third-party platforms, Li said Zuzuche could offer additional value by providing local driving regulations, car insurance and payment service for Chinese tourists driving in different countries.
The new capital will be used for international car rental service upgrades, expanding partnerships with service providers, marketing and teambuilding. The firm will also partner with Qunar.com, a Chinese travel package service provider.
Qunar, a NASDAQ-listed Chinese travel platform that is majority-owned by Baidu, participated alongside with GGV Capital and Vertex Ventures in a $15 million Series B funding round for GrabTaxi, a Southeast Asia-focused taxi-booking mobile phone app.
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