Yingtong Technology and LY.com were among the backers in a $1.2bn round for the Changan, FAW, Dongfeng Motor, Tencent, Alibaba and Suning-founded on-demand ride provider.

China-based ride hailing service T3 Chuxing has raised RMB7.7bn ($1.2bn) in series A funding from investors including smart cloud network service Yingtong Technology and online travel guide provider LY.com (Tongcheng).

Investment banking firm Citic Group led the round, which also featured private equity fund Redview Capital and investment firm Virtue Capital.

T3 provides an on-demand ride app which has 54 million users and operates across 41 Chinese cities. It was incubated by automotive groups Changan Automobile, FAW Group and Dongfeng…

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Edison Fu

Edison Fu is a reporter and Asia liaison at Global Corporate Venturing.
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