Shanghaibased car rental platform Atzuche confirmed on Saturday that it has secured a series B+ financing round worth more than RMB 100 million (USD 15 million) led by Shanghai based Panda Capital.
China Pacific Insurance and China Securities also participated in this round of financing. Returned investors include Ivy Capital, Hearst Ventures, and Matrix Partners China.
“Its business model puts efficiency for car rental and service quality as top priorities. Atzuche also disrupts the traditional car rental market by covering many more car types,” Panda Capital partner Mao Shengbo said.
Founded in 2014, Atzuche also operates an app, which customers can use to rent cars from car owners. After the customer orders a car, Atzuche staff will pick up the car from the owner and drive it to the customer.
The platform is expanding fast. It claims to have three million registered users, and 100, 000 registered cars in 14 Chinese cities, including Beijing, Shanghai and Shenzhen. Half of of its users rent cars for day trips,
20% for taking test drives, and 20% for their daily commute.
(Top photo from baidu.com)