China’s T3 Mobility raises US$1.2bn

October 27, 2021 (Last Updated October 27th, 2021 11:08)

Funds would allow T3 Mobility to expand its operations and help it compete with market leading rival.

China’s T3 Mobility raises US$1.2bn

Chinese ride-hailing company T3 Mobility announced it had raised CNY7.7bn (US$1.2bn) in the Series A funding round which would allow it to expand its operations and help it compete with market leader Didi Global which was facing a cybersecurity investigation by Chinese authorities.

The T3 Mobility platform was established by Alibaba Group and Tencent in 2019 and is backed by local automakers FAW Group, Dongfeng Motor and Changan Automobile, all of which participated in the latest fundraising round. Other investors included Yingtong Technology, TravelGo, Redview Capital and Virtue Capital, led by CITIC Investment Holdings.

T3 Mobility operates in 41 Chinese cities and has 54m registered users, with 2m daily orders in September. By the end of 2021, the platform aimed to expand its operations to 48 cities and reach 3m daily orders.

T3 Mobility also signed a strategic cooperation agreement with CITIC Investment Holdings to “jointly build a new ecosystem of smart mobility”.