China P2P car rental site Atzuche raises $58m Series C

Investors include China Pacific Insurance, China Equity Group, Hangzhou Financial Investment Group, China Securities, Matrix Partners China, Hearst Capital and Ivy Capital.

Founded in 2013, Atzuche is operated by Xin Gong Ying Information Technology. The platform allows car owners to earn money by renting out their vehicles to pre-screened customers.

The company claims that users can rent a car at a 30% discount to the prices charged by traditional online car rental companies. Its services now cover 25 Chinese cities, with more than five million registered users and 200,000 vehicles provided on its platform. Atzuche receives commission from each transaction.

The start-up received angel funding from Ceyuan Venture and ZhenFund in 2014, followed by a $10 million Series A round led by Matrix. One year later, it got RMB300 million in Series B funding from China Pacific, Ivy and Hearst, with participation from existing investors Matrix and Ceyuan. Last year, it raised an extended Series B round led by Panda Capital.  

The new funding will be used for product service upgrades and geographic expansion. The company wants to be in 40 cities by the first half of this year, and reach 100 cities by year end, according to local media. 

Atzuche’s rival PPzuche, which was launched by Singapore’s iCarsclub, received $60 million from IDG Capital and Morningside Venture Capital in 2014.  

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• Topics
• Greater China
• Expansion
• Technology
• China
• TMT
• Venture
• Transportation
• Matrix Partners
• Growth capital