Geely raises 1 billion yuan for Cao Cao ride-hailing service
Zhejiang Geely Holding Group has raised 1 billion yuan ($155 million) in the first round of fundraising for its Cao Cao ride-hailing service.
The funds will enable the service to serve a broader group of customers, Cao Cao Chairman Liu Jinliang said in a statement.
After the fundraising, Cao Cao’s valuation reached 10 billion yuan, Geely noted without identifying the new investors.
Cao Cao, launched in 2016, manages a fleet of Emgrand compact sedans to provide rental and ride-hailing services.
With a fleet of more than 12,000 electric vehicles, Cao Cao’s services are available to 10 million registered users in 17 Chinese cities, according to Geely.
The funds will enable the service to serve a broader group of customers, Cao Cao Chairman Liu Jinliang said in a statement.
After the fundraising, Cao Cao’s valuation reached 10 billion yuan, Geely noted without identifying the new investors.
Cao Cao, launched in 2016, manages a fleet of Emgrand compact sedans to provide rental and ride-hailing services.
With a fleet of more than 12,000 electric vehicles, Cao Cao’s services are available to 10 million registered users in 17 Chinese cities, according to Geely.
