Alibaba invested $432m in the chauffeured car service, which has filed to list on China's NEEQ board, but has transferred its shares to affiliate funds Yunfeng and Yunling.
China-based chauffeured lift service UCar has confirmed a RMB3.68bn ($568m) funding round featuring e-commerce firm Alibaba, China Money Network reported today.
The round also featured China International Capital Corp, Citic Securities and Shenwan Hongyuan, and was announced by Charles Zhengyao Lu, the founder and CEO of UCar’s parent company China Auto Rental (CAR), in a press conference yesterday.
CAR spun UCar out in January 2015, providing it with $125m in funding six months later. Legend Capital, which acts as conglomerate…
