SAIC-owned Ride-hailer Xiangdao Mobility Secured over CNY 1bn in Series B

Automotive Author: Beibei Wei Aug 18, 2022 03:06 PM (GMT+8)

Xiangdao Mobility announced that it had completed a Series B round of financing over CNY 1 billion on August 15.


Chinese ride-hailing service Xiangdao Mobility (Chinese: 享道出行) has raised nearly CNY 1 billion (USD 147 million) in its Series B round of financing from investors, including SAIC Motor Group (Chinese: 上汽集团), Momenta (Chinese:魔门塔), Gaohang Management Consulting (Chinese:高行管理咨询), and other institutions.

The company's post-investment valuation has reached over USD 1 billion, officially entering the ranks of "unicorns" in the associated industry.

After the completion of this round of financing, Xiangdao Mobility will continuously promote the explosive growth of all-scenario businesses. It strives for the corporate development goal of being the first in both compliance rate and market share and will prepare for a potential initial public offering (IPO) in due course.

Headquartered in Shanghai and founded in 2018, Xiangdao was formerly a wholly owned subsidiary of SAIC Motor. In December 2020, Xiangdao raised nearly CNY 300 million in Series A funding from external investors, including Alibaba and battery giant CATL.

As a strategic mobility brand of SAIC, Xiangdao Mobility will deeply integrate into SAIC's industry chain of automotive manufacturing to accelerate the development of innovative businesses, such as online ride-hailing vehicle customization.

In December 2021, Xiangdao Robotaxi was officially launched, becoming one of the four major innovative development strategic projects of SAIC Motor and the first L4 autonomous driving operation platform for domestic automobile enterprises. The business Robotaxis fleet landed in Shanghai and Suzhou, with over 100 open operation sites.