Auto rental platform Ningbo Xiaolinggou Mobility Technology Company Limited has closed its Series A round, collecting RMB 687.7 million (USD 96.6 million) from investors, including state-owned Ningbo Yincheng Group and Hangzhou Puzhao Technology, 36Kr reported on Wednesday.
New funds will be used on R&D, on expanding cooperation with automakers, and building sales channels to enlarge its presence in more cities.
Xiaolinggou, which is a subsidiarity of automaker Geely, hosts about 20 electric vehicle makers including Tesla, BYD, Cherry and also Geely itself, allowing its users to rent a vehicle for one week to one year from online channels including its standalone app, its WeChat mini program, or more than 800 self-owned and franchisee stores located in 80 cities in China.
36Kr is KrASIA’s parent company.
This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.