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IDG, Morningside lead $60m round for China P2P car-rental site

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IDG Capital Partners and Morningside Technologies have led a $60 million Series B round of funding for PPzuche, a Chinese peer-to-peer (P2P) car-rental provider launched by Singapore’s iCarsclub.

Source Code Capital, Sequoia Capital, Future Captial and Crystal Stream also participated, PPzuche confirmed the investment via its official Sino Weibo microblog.

ICarsClub incorporated PPzuche in China in October last year, with 50 vehicles available in Beijing. The online platform allows car owners to earn money by renting out their vehicles to pre-screened customers. In June, PPzuche raised a $10 million Series A round led by Sequoia, with participation from Crystal Stream, Future Capital and the CEOs of group-buying site MeiTuan and online travel site Qunar.

Singapore VC firm Red Dot Ventures invested in iCarsClub in March last year. The start-up was founded in 2012.

The proceeds will be used to scale up PPzuche's business in China, as well as improve operations, Bingjun Zhang, the company's CEO, told local media. The company now provides services in 11 Chinese cities, with over 100,000 registered vehicles available on the platform.

PPzuche's rival Uuzuche secured a $10 million in a Series A round led by Lightspeed China Partners in September, alongside China Renaissance K2 Ventures and angel investor Wang Gang.

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