This marked the first Chinese equity investment in the ride-hailing sector this year and the largest sum of investment in the sector from Chinese investors since 2020.
The investors include Suzhou Xiangcheng Financial Holding Group, Suzhou high-speed railway, Suzhou urban construction investment Development Co., Ltd., Agricultural Bank of China, Soochow Innovation Capital Management Co., Ltd.
The financing will be used for the improvement of services at both the driver and passenger ends, as well as the R&D and application of new technologies.
Established in 2015, Cao Cao raised CNY 1 billion in its series A financing round in 2018.
The firm unveiled its latest strategy at the event on Monday that focuses on new customized models, new energy technologies, and a new ecosystem.
"Cao Cao Mobility plans to utilize the strengths and resources of Geely's mobility ecology and Suzhou's strong industrial ecology to advance the development of an integrated mobility ecosystem," said the company in a statement.
Gong Xin, CEO of Cao Cao, said that this round of funds will also help enterprises strengthen key work such as technology R&D, business expansion, service quality improvement and driver group guarantee, so as to further improve enterprise competitiveness and expand market share.
Cao Cao's service is now available in 62 cities across the country, with its total number of registered users exceeding 60 million. Its monthly active users total 5.677 million, up 140 percent year-on-year.