A Private Car Rental Firm Is Going Public in China
LONDON — Chinese online car rental giant Carvajal has raised $1.5 billion ($1.6 billion) in a new funding round led by US technology company Intuit, the company said on Thursday.
Chinese investors, including Chinese state-owned enterprise China Unicom, will support Carvagal in the upcoming two-year cycle, said company spokeswoman Zhao Wei.
The funding is a further step in the Chinese-led development of the online car rentals market, which has attracted more than 1.5 million car rentals worldwide, she said.
The company aims to become a leader in the industry, expanding into the US market with a new fleet of 100,000 vehicles, she added.