China overseas car rental platform raises $22m
Yitu8.net, an overseas car rental platform for Chinese outbound travelers, has raised a RMB150 million ($22 million) Series B round led by Sanhua Holdings, a Chinese refrigeration and air-conditioning components manufacturer.
Domestic VC fund SR Capital, Alibaba Group's founding member Changwei Ma, and several Chinese firms also took part. The company told local media that it will raise an extended round next month.
Founded in 2015, Yitu8 provides airports pick-up and drop-off and private tours as well as car rental services for Chinese travelers. Through the app, tourists can connect with 120,000 Chinese-speaking drivers in 110 countries. In July, the company announced a strategic partnership with online travel company Expedia.
The new capital will go towards enhancing Yitu8's car management system, standardizing its services and brand building.
According to the China National Tourism Administration, Chinese outbound travelers increased 12% year-on-year to 120 million in 2015. Goldman Sachs expects Chinese tourists to spend $450 billion on overseas travel by 2025, nearly double the $250 billion spent last year.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.