Chinese car-hailing firm UCAR, rival of Didi Chuxing, has raised RMB 2.4 billion (USD 350 million) from the country’s largest car insurance company People’s Insurance Company of China Holdings (PICC). 

PICC will own 142 million shares in UCAR at the price of RMB 16.8 apiece and offer car insurance and automobile financial services on the platform. UCAR will use the proceeds to develop its online-offline car trading platform Maimaiche and set up offline stores. 

With the latest round, UCAR has so far raised RMB 7 billion. Earlier, it had secured RMB 4.6 billion (USD 669 million) from China UnionPay and Shanghai Pudong Development Bank. Warburg Pincus and Legend Holdings led a USD 550-million Series B funding round in UCAR in 2015. A year later, it raised RMB 3.68 billion (USD 569 million) from a group of investors including Alibaba, China International Capital Corp, CITIC Securities.

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