Geely's new energy vehicle rental service has pulled in $96.7m in series A funding from investors including Ningbo Yincheng Group.
Xiaolinggou, a China-based clean vehicle rental service spun off by automotive manufacturer Zhejiang Geely Holding Group, has closed a RMB688m ($96.7m) series A round, 36Kr reported yesterday.
The round included state-owned infrastructure developer Ningbo Yincheng Group and an entity called Hangzhou Puzhao Technology.
Formed in 2018 as a subsidiary of electric vehicle producer Geely, Xiaolinggou operates a mobile app-based service that allows users to rent vehicles from its parent as well as carmakers like Tesla, BYD and SAIC.
The platform has more than 1.5 million registered users across 80 Chinese cities, according to 36Kr. The series A round comes after it integrated microbus leasing from another Geely subsidiary, Zhejiang Zuozhongyou Electric Vehicle Service, into its operations last month.
Xiaolinggou will use the funding to enhance its research and development activities, with a particular focus on connected vehicle technology.
The company also plans to form additional partnerships with electric vehicle makers and other original equipment manufacturers, and build out its sales operation as it looks to expand beyond its south China base to the rest of the country.