Hong Kong-listed car rental service CAR Inc. today announced that it has injected US$50 million in Series B funding of UCAR, the operator of its chauffeured car unit Shenzhou Zhuanche in exchange for 443,263 shares in the company. Following this deal, Car Inc. will hold approximately 9.9% of the total issued and outstanding shares of UCAR.

Other investors, including Warburg Pincus affiliate Tourmaline Gem, Legend Capital-backed investment institution Harmony, Haode Investment and the company’s board chairman & CEO Lu Zhengyao, also participated this round and the total consideration including Car Inc.’s investment amounts to US$550 million.

The funding comes just one month a $250 million USD round led by Car Inc. with participation of Warburg Pincus and Legend Capital. Of this round, Car Inc. contributed $125 million USD for a 10% stake in UCAR.

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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.