Baidu Leads C Series Funding for Chinese Ride-Sharing App Tiantian Yongche

Chinese carpool and ride-sharing app Tiantian Yongche, has announced the completion of a C series funding round led by Baidu, followed by Sequoia Capital. Although the amount was not disclosed, the company claims its valuation is now close to US$200 million.

Despite being founded just eight months ago, the company has rushed through three rounds of funding, completing its series A in September 2014, series B in December and now a series C round on April 10th. The company claims they have set the record for the quickest series of O2O investments.

In its attempt to become a leading ride-sharing app in China, the company has rolled out a multi-approach service, releasing one-on-one, point-to-point, carpool and rides-sharing models. To ensure passenger safety, the company also came up with a name authentication system for car owners and the passengers.

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