Ctrip, DCM Lead $60M Series B+ Round For Yidao Yongche

Beijing-based car rental service provider Yidao Yongche says the company has completed its series B+ round, raising a total of US$60 million, according to media reports.

Ctrip and DCM led the round. Existing investors CBC Capital and Morningside Ventures also participated.

Yidao Yongche received tens of millions of U.S. dollars series A funding from Morningside Ventures and Qualcomm Ventures in 2011, and US$20 million series B funding from CBC Capital, Morningside Ventures and Qualcomm Ventures in April 2013.

It also received millions of RMB seed funding from ZhenFund in 2010.

Yidao Yongche says it will use the proceeds to develop mobile app and other services.

Founded in 2010, Yidao Yongche now covers 49 Chinese cities. It plans to expand to more than 100 cities in and outside of China next year.

The company also runs a taxi app Dache Xiaomi.