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Geely-backed Caocao Zhuanche raises RMB 1 billion series A funding

Aurora From Gasgoo| January 17 , 2018

Geely subsidiary financing, Geely Emgrand EV, China ride-sharing

Shanghai (Gasgoo)- Cacao Zhuanche, an electric vehicle riding-sharing platform invested by Zhejiang Geely Holding Group (Geely Group), announced that it has completed a RMB 1 billion series A round funding from many domestic and overseas investors. After the latest funding, the company's valuation will be up to over RMB 10 billion.

In February last year, Caocao Zhuanche received governmental permission and became the China’s first new energy vehicle riding-sharing platform with license. 

Currently, it operates in over 17 cities with more than 12,000 drivers and over 12,000 online vehicles. Besides, the platform receives more than 150,000 orders per day and owns over 10,000,000 registered users.

Unlike other riding-hailing companies like Didi Chuxing, Caocao Zhuanche holds the ownership of the vehicles. It uses Emgrand EV, the pure electric vehicles produced by its parent company, Geely Group.

In addition, Caocao Zhuanche considers drivers as its most precious treasure. Every driver of the platform must be trained and certified.

In the meantime, Caocao Zhuanche has made breakthrough in human-vehicle connectivity technology relying on the existing R&D strengths of Geely Group's vehicle manufacturers. At present, Caocao Zhuanche’s platform can not only communicate with the apps from drivers' sides, but also connect with the in-vehicle equipment . In future, Caocao Zhuanche will provide more efficient and more environmental travelling solutions using some cutting-edge technologies, such as Volvo Cars’ assistance driving systems and driverless technologies and Terrafugia’s flying-car technologies, etc. 

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