CRCI leads $100m round for China car-sharing app Dida Pinche
China Renaissance Capital Investments (CRCI) has led a $100 million Series C round for Dida Pinche, a Chinese peer-to-peer (P2P) car-sharing app. TrustBridge Partners, IDG Capital Partners and US-listed automotive website Bitauto also took part.
The company claims this is the largest round ever raised by a Chinese car-pooling app.
Dida Pinche was founded in 2014. The platform operates under a fleet-free business model, which means it doesn't own any vehicles. Car owners and passengers register with the company and people in need of a ride use a mobile app to search for available vehicles in the vicinity.
The company says it undercuts traditional taxi fees by 30-70%. It currently covers 13 cities and has more than four million users, of which about 300,000 are car owners.
The start-up previously raised $10 million in a Series A round from IDG and Series B round of $20 million from Bitauto. Following the latest investment, Dida Pinche will seek to add networking features to its app, expand market share and grow its user base.
At least 20 car-pooling sites received VC and strategic funding last year, local media reported. These include Uuzuche.com, which raised $10 million from Bitauto; Sequoia Capital-backed Tiantian Yongche; and Baojia.com, which received $30 million from Ping An Ventures and Qiming Venture Partners.
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