Ctrip Leads $100M Investment In VC-Backed eHi Auto

Shanghai-based Chinese rental car company eHi Auto Services says that it has received over US$100 million investment led by Ctrip.com International, a NASDAQ-listed Chinese online travel services firm, according to a company announcement.

eHi’s existing investors also participated, though the identity and specifics of the investments were not disclosed.

After the transaction, Ctrip will become the second largest strategic partner after U.S. rental car company Enterprise Holdings, which invested in eHi in 2012.

Previously, eHi has received funding from Qiming Venture Partners, Ignition Capital, Jafco Ventures, New Access Capital, CDH Investments, Goldman Sachs and Enterprise.

eHi provides car rental services in 80 Chinese cities with a fleet size of over 13,000 vehicles.

China leapfrogged Japan as Asia’s largest travel market in 2012 with a market size of US$96.2 billion, according to travel market researcher PhoCusWright.

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