Alibaba and Legend Holdings are set to exit the chauffeured lift service, spun out of auto rental company CAR in early 2015, through a flotation in China.
UCar, the chauffeured ride ordering platform spun out by China-based car rental firm CAR, has been approved for an initial public offering on China’s Neeq market, China Money Network reported today.
Launched in January 2015, UCar provides a chauffeured lift service that can be booked through its app. In contrast to the likes of Uber or Didi Chuxing which simply act as a conduit to the drivers, the company also owns its fleet.
CAR invested $125m in the company in…
