Xinhua News Agency reported that Chinese ride hailing service Shenzhou UCAR has raised 7 billion RMB (approximately US$1 billion) from interbank network UnionPay, as well as commitments still facing approval. UCAR differs from the crowd-sourced business model of Didi in that it offers a company fleet as well as licensed drivers.
China UnionPay logo. Photo: AFP
Didi rival UCAR raises US$1 billion
The investment is a sign that, despite the high-profile Didi-Uber deal, the ride-hailing battle is not quite over yet.