Beijing-based ride-sharing mobile app maker 51YongChe has completed an undisclosed series C round of financing led by Baidu Inc., according to an announcement posted on the company’s Weibo account.
Existing investor Sequoia Capital and other undisclosed investors also participated in the round, which is worth tens of millions U.S. dollars, says the statement.
Baidu made the investment as a strategic investor, and plans to incorporate 51YongChe to some of its own services and platforms.
Launched in December 2014, the four-month-old 51YongChe received angel investment from Lei Jun, founder of Chinese smartphone marker Xiaomi Inc.
It received an undisclosed series A investment from Innovation Works, and an undisclosed series B investment from Sequoia Capital.
51YongChe’s mobile apps currently covers major cities in China, including Beijing, Shanghai, Guangzhou and Shenzhen.
