The Geely-backed, electric vehicle-equipped ride hailing platform has closed its series A round at a valuation of more than $1.5bn.
Caocao Zhuanche, a China-based electric ride hailing service developed by automotive manufacturer Geely, closed a RMB1bn ($155m) series A round today featuring unnamed investors that valued it at more than $1.55bn.
Founded in 2015, Caocao Zhuanche operates a ride hailing service that relies on a 12,000-strong fleet of electric vehicles produced and supplied by Geely.
The company is present in 17 Chinese cities and processes more than 150,000 rides per day for a customer base of roughly 10 million. It…
