Baidu leads Series C for China ride-sharing app 51yongche
Chinese search provider Baidu has led a Series C round of funding for 51yongche, a China-based ride-sharing mobile app. Sequoia Capital also participated.
Financial terms were not disclosed but the company said in its official Weibo microblog that the investment amounts to tens of millions of dollars.
Operated by Beijing Shuai Lai Shiji Technology, 51yongche was launched in December of last year by Huabing Li, ex-vice president of Chinese boutique investment bank Hina Group, and Xuguang Men, formerly an executive at Baidu. Previously known as Haha Pinche, the app connects users with drivers in Beijing, Shanghai and Guangzhou. Users can schedule rides and make payments to drivers directly.
Lei Jun, Chinese angel investor and founder of smart phone maker Xiaomi, provided seed funding to the start-up, and then Innovation Works led the company's Series A round. Sequoia was responsible for the Series B round.
51yongche CEO Li Huabing told local media that Baidu's investment is confirmation of the strength of ride-sharing industry and 51yongche's product offering. The start-up will work closely with Baidu's various departments.
In December, Baidu invested in US-based online car-ordering service provider Uber, with a view to helping the company expand in China. It is also said to have backed Yongche.com, which has a similar business model to Uber.
The dominant players among China's taxi-booking platforms are Kuadi Dache adn Didi Dache. Both companies have received substantial private equity and strategic backing, and earlier this year it was announced they would merge.
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