Shouqi Group's Baidu and Nio-backed ride hailing spinoff has secured hundreds of millions of dollars in its latest round.
Shouqi Yueche, the China-based ride hailing service backed by internet group Baidu, has closed hundreds of millions of dollars of series C funding from undisclosed investors, 36Kr reported on Friday.
Founded in 2015 by taxi and rental car provider Shouqi Group, Shouqi Yueche operates an on-demand ride service with 113 million registered users across 160 Chinese cities as of September this year, a figure that reportedly represents a 31% increase year on year.
The company specialises in fleets of vehicles…
