Bus booking app Dadabus received the funding as part of a strategic collaboration with the plastic pipe maker, which is looking to expand into new-energy vehicles.
Plastic pipe manufacturer Fujian Newchoice Pipe Technology has invested RMB128m ($19.5m) in China-based bus booking app developer Dadabus, China Money Network reported on Wednesday citing a disclosure document.
Dadabus operates a mobile app that enables users to book buses, and it is mostly used by office workers. The company, which runs more than 2,000 bus routes serving around two million users, will collaborate with Newchoice Pipe on supplying clean energy buses.
The deal gave Newchoice Pipe an 18.7% stake, and…
