Chinese car rental and ride-booking service Yongche confirmed that it has secured Series C financing led by Government of Singapore Investment Corp (GIC), a Singapore gov-backed investment institution which is also the investor of Alibaba and JD. The company did not announce details of the deal, but local media reports that the financing amount exceeds US$100 million with participation of Baidu.

If the financing amount was true, Yongche’s total funding would reach nearly US$190 million together with US$10 million of Series A received from Morningside Ventures and Qualcomm Ventures in 2011, US$20 million of A+ round from existing investors and CBC Capital and US$60 million of Series B let by Ctrip and DCM in Dec 2013.

As one of the first Uber-style car rental services in China, Yongche is planning to release a commercial vehicle rental service with Baidu. The service will be integrated into Baidu Map as the only car-booking service focused on business trips on the platform. It is also going to support payment via Baidu Wallet in the future.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.