Caocao Zhuanche(曹操专车) an electric vehicle sharing company backed by Chinese automaker Geely, has completed a RMB 1 billion ($156 million) series A round from various investors, at a valuation of over RMB 10 billion ($1.6 billion), Sina Technology is reporting. Investors in the round were not disclosed. With the new funding, the company plans to expand in cities such as Shenzhen and Chongqing.

While Didi Chuxing still dominates China’s ride-sharing market after the acquisition of Uber’s China operations, there is still room for other players to grow. In last December, Didi Chuxing’s market penetration rate was 11.4%, followed by Yidao Yongche (0.9%) and Shenzhou Zhuanche (0.7%), according to Jiguang Data. Caocao Zhuanche, taking the 7th place in the list, showed an explosive growth rate 512.7% in December.

Three things seemed to have contributed to Caocao’s high valuation. Firstly, Caocao Zhuanche uses only electric vehicles from Chinese automotive manufacturing company Geely, who is also a strategic investor to the company. Unlike other ride-sharing companies, Caocao Zhuanche owns all the vehicles used in its service and trains their drivers and gives certificates to them. On top of taxi hailing services, the company also offers car rental services and private car hailing services which user can also have a tour guide option.

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Eva Yoo

Eva Yoo is Shanghai-based tech writer. Reach her at evayoo@technode.com