Funding Alert

Mobility raises $ 589 million Series B to upgrade technology and expand fleet

• ByStartupStory     |    September 8, 2021

Cao Mobility, the ridesharing division of Chinese automaker Geely Automobile Holdings, announced that it has raised $589 million Series B funding, statement issued by the company. The price increase, announced by Cao Cao on Monday, will bring the company’s total funding to around RMB 773.2 million. Suzhou Xiangcheng Financial Holding Group, an investment company backed by the government of the Xiangcheng District of Suzhou, led the round with the Suzhou High-Speed ​​Rail New City Group and three other state-owned enterprises.
This salary increase comes in the trouble of Didi, the biggest competitor of Cao Cao, the current Chinese carpooling application. Cyber ​​Security Investigation Inventory dropped as it was temporarily removed from the Chinese app store by the Chinese government. Diddy was a staple of the merry-go-round in China. As a result, any failure can create a void that others in space will try to fill.

Cao Cao, currently available in 62 cities in China, saw its occupancy rate increase by 32% in July. The same month, Diddy was removed from the Chinese App Store. Chinese e-commerce giant Meituan also saw a 24% increase in trips in July. Ministry of transportation. However, Alibaba’s carpooling and navigation units, Meituan and Amap, have been criticized by the Chinese government along with Diddy for “confusing fair competition and harming the interests of drivers and passengers”.
Cao Cao is in a position of further growth and greater market share as long as it is known to play fairly, as all other players in the carpooling arena are struggling under government scrutiny. It’s in it. Geely’s carpooling unit Cao Cao Mobility raises $ 589 million Series B to upgrade technology and expand its fleet.

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