The chauffeur service, which operates in 60 Chinese cities, has raised $125m from partner CAR and a further $125m from Legend Holdings and Warburg Pincus.
China-based chauffeured car service provider UCar raised $250m in series A funding yesterday, $125m of which was provided by its affiliate, vehicle rental service CAR.
CAR, also known as China Auto Rental, paid $125m for 2.5 million series A preferred shares, giving it a 10% stake in UCar. The other $125m was provided by Legend Capital, the corporate venturing unit owned by conglomerate Legend Holdings, and private equity firm Warburg Pincus.
UCar’s service involves offering qualified drivers and high-quality cars…
