China’s LeTV buys control in VC-backed Yongche
Chinese media company LeTV Holdings has acquired 70% in Yongche.com, facilitating an exit for existing shareholders in the car rental and taxi-booking app.
The company will pay $700 million, according to a statement seen by Reuters. This would classify Yongche as a unicorn with a valuation of $1 billion or more. LeTV is investing through its subsidiary...
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