Chinese car fueling app raises $63m
Chezhubang, a car fueling services app provider, has raised Series B funding of RMB450 million ($62.8 million), jointly led by China’s National Small Medium Development Fund and Oriental Fortune Capital.
Two regional government investors also contributed, including the Qingdao branch of China Construction Bank and Rizhao Caijin Investment Group, which is backed by the Rizhao city government in Shandong province. The city of Rizhao signed a contract for collaboration with Chezhubang in August.
Chezhubang, also known as Newlinks Group, has raised more than RMB700 million this year. GSR United led a Series B of RMB275 million in April, alongside Zero2IPO Investment. Other backers include Asia Capital Link Equity, JoincapHoldings Group, Lanyan Capital, Pusu Capital and Tamarace Capital.
Founded in 2016, Chezhubang recommends nearby gas stations or electric vehicle charging locations with the most competitive prices and allows for transaction completion with a single tap. It now covers 10,000 gas stations in 300 cities with 310,000 charging columns.
"The energy industry in China is still traditional; the digital power of Chezhubang to transform the industry is what we valued most," Shaojun Zhou, a partner at National Small Medium Development Fund, said.
Wei Chen, chairman of Oriental Fortune, said that Chezhubang was creating a network that connects huge numbers of energy consumers and suppliers. The plan is to become one of the largest data providers in the energy infrastructure industry.
China's fuel retail market has long been dominated by China National Petroleum Corporation (CNPC) and Sinopec, the country's two largest oil companies. Chezhubang entered this space by first focusing on commercial car users, who are more price-sensitive and drive more, while also working mainly with gas station operators that are not part of CNPC and Sinopec networks.
These operators are usually more inclined to offer discounts on fuel as a means of attracting customers. At the same time, the collaborations have served as gateways to build relationship with CNPC and Sinopec.
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