Caixin
Sep 14, 2018 07:59 PM
BUSINESS & TECH

Alibaba-Backed Firm That Helps Cars Act Like Smartphones Raises $233 Million

Shanghai-based Banma Network Technology Co. Ltd. was established in 2015 as a joint venture between Alibaba Group Holding Ltd. and SAIC Motor Corp. Ltd. Photo: IC
Shanghai-based Banma Network Technology Co. Ltd. was established in 2015 as a joint venture between Alibaba Group Holding Ltd. and SAIC Motor Corp. Ltd. Photo: IC

* Banma CEO says the money will be used for hiring, investing in technology and upgrading its offerings

* Banma has been the leading Chinese player in the sector with its Alibaba-developed AliOS, a rebranded version of Alibaba’s YunOS

(Beijing) — Alibaba-backed Banma Network Technology Co. Ltd., which provides software that allows vehicles to offer smartphone-like services, has raised over 1.6 billion yuan ($233 million) in its first financing round.

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