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BUSINESS & TECH

Car-Booking Firm Shouqi Nets Money, Technology From Baidu-Led Group

Founded in 2015, Shouqi, which offers both ride-hailing and car-rental services, now operates in 53 cities in China and owns more than 60,000 cars throughout the country. Photo: Visual China
Founded in 2015, Shouqi, which offers both ride-hailing and car-rental services, now operates in 53 cities in China and owns more than 60,000 cars throughout the country. Photo: Visual China

Chinese car-booking service Shouqi has raised $105 million in new funds from a group led by Baidu Inc. and NIO Capital, which may also help the firm develop driverless-car technologies and deploy electric vehicles.

Combined with its two previous funding rounds, Shouqi Limousine & Chauffeur — a subsidiary of state-owned Shouqi Group — has raised at least 1.5 billion yuan ($230 million).

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