Singapore-based car rental marketplace iCarsClub has officially announced its second and third markets in China. How will it fare?
Singapore-based peer-to-peer car rental platform iCarsClub has today announced securing US$10 million from multiple investors in China, such as Sequoia Capital China; Crystal Stream Capital; Wang Xing, CEO, MeiTuan.com; Zhuang Chenchao, CEO, Qunar.com; and Huang Mingming, Future Capital.
The firm also took the opportunity to launch its China-based car rental marketplace PPZuche in Guangzhou and Shanghai, after testing it out in Beijing in October 2013. In addition, users in those three locations can rent cars via the PPZuche mobile app on Android or iOS devices.
For the record, the Echelon Singapore Satellite 2013 winner had first received US$482,000 from local investor Red Dot Ventures in March 2013.
UPDATE: At the moment, the platform has 25,000 cars for rental across the three markets (Beijing, Shanghai and Guangzhou).
Clifford Teo, Managing Director, iCarsClub told e27 that the company has more than 100 staff members across China.
He added, “The money will be used for two things, internally beefing up our own team and expansion to other cities in China.” In the future, users of PPZuche can look forward to seeing the service in other first-tier cities like Shenzhen.