Alibaba-Backed Internet Car Start-Up Banma Secures $233M Series A Round

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Banma Network Technologies, an Internet car start-up backed by Chinese e-commerce giant Alibaba Group Holding, has secured a RMB1.6 billion (US$233 million) series A financing round led by the state-owned investment holding company SDIC Fund Management Co., according to a statement released by the company’s WeChat official account today.

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