Date
21 September 2018
Geely-backed ride-hailing startup Cao Cao raised 1 billion yuan in its Series A round of venture capital funding. Photo: Cao Cao
Geely-backed ride-hailing startup Cao Cao raised 1 billion yuan in its Series A round of venture capital funding. Photo: Cao Cao

Ride-hailing startup Cao Cao becomes China’s latest unicorn

Cao Cao, a ride-hailing startup backed by automaker Zhejiang Geely Holding Group, has become China’s latest unicorn after raising 1 billion yuan (US$155.1 million) in its Series A round of venture capital funding.

Founded in November 2015, Cao Cao now has a valuation of more than 10 billion yuan, it said in a statement.

It is operating in more than 17 cities in China, including Shanghai, Hangzhou and Guangzhou. The company plans to start trial operations in Shenzhen, Chongqing and several other cities this year. 

Last February, it received a license to offer electric vehicles in its ride-hailing service. It now has a fleet of more than 12,000 Geely electric cars, with over 10 million registered users and 150,000 ride orders received on a daily basis.

Since its founding, the company has saved about 300,000 tons of carbon emissions and 150 million liters of fuel, it said.

Domestic and international institutional investors participated in the A round of financing, the company said, without disclosing their identities.

Cao Cao said it will work with Swedish carmaker Volvo Cars, acquired by Geely in 2020, in its driver-assistance system and autonomous vehicle technology, and with US-based startup Terrafugia, which Geely also bought in November last year, in its flying car technology.

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