Xiangdao Travel, a mobility brand operating under Chinese SAIC Motor Group, has completed a Series B financing of more than 1 billion yuan – about $146 million.
The round was led by SAIC, Momenta, CGAOC Management Consulting and other companies.
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With this capital, Xiangdao Travel says it is planning for an IPO. It also plans to deeply integrate into SAIC and accelerate the development of innovative businesses such as online ride-hailing.
SAIC is a Chinese state-owned automobile manufacturer headquartered in Shanghai.
Ride-hailing apps, including Estonia-based Bolt, China-based Didi and Southeast Asia's Grab, made up half of the top 10 most-downloaded apps in 2021, according to a report from Apptopia.
According to Phocuswright's State of Travel Startups 2022 report, the ride-hailing vertical has attracted $7.3 billion in funding, led by top-funded companies T3 Travel ($2.6 billion), Bolt ($2 billion) and Via ($650 million).