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Geely’s ride-hailing unit Cao Cao Mobility raises $589M Series B to upgrade tech and expand fleet

Cao Cao Mobility, the ride-hailing unit of Chinese automaker Geely Automobile Holdings, has announced a $589 million( RMB 3.8 billion) Series B raise that the company says will help it upgrade its engineering and expand its fleet, distributed according to a statement released by the company( in Chinese ).

The raise, which Cao Cao announced on Monday, introduces the company’s total funded to around $773.2 million( RMB 5 billion ). Suzhou Xiangcheng Financial Holding Group, an investment company backed by the Xiangcheng district government of Suzhou, passed the round along with Suzhou High-Speed Rail New City Group and three other state-controlled enterprises.

This raise comes amid misfortunes for Cao Cao’s biggest opponent, Didi Global, the Chinese ride-hailing app that’s currently under cybersecurity investigation by the Chinese government and has been temporarily removed from Chinese app places compelling capitals to plummet. Didi has been a ride-hailing staple in China, so any disappointments can create a vacuum that others in the space will try to fill.

Cao Cao, which is currently available in 62 metropolis in China, received trip volume increase 32% in July, the same month Didi was taken down from app accumulates in China. Meituan, China’s e-commerce beings, also verified a 24% ride increase in July, according to the Ministry of Transport. However Meituan and Amap, Alibaba’s ride-hailing and navigation group, are being praised alongside Didi by the Chinese government for” disrupting fair competition and hurting the interests of operators and fares ,” reports Bloomberg.

As all of the other musicians in the ride-hailing sphere struggle under authority inquiry, Cao Cao is positioned for further growth and a larger market share, as long as it is found to be playing fair.

Read more: feedproxy.google.com

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