Chinese ride-hailing platform T3 Mobility is looking to raise at least 5 billion yuan ($750 million) in its most recent investment round, Bloomberg reported, citing sources familiar with the matter.
The company will seek a significant premium to the roughly 24 billion yuan valuation it achieved after that round, though it hasn’t set a precise target, said the report, adding that discussions are ongoing and details of the fundraising could change.
In October 2021, T3 raised 7.7 billion yuan from its Series A round funding led by Citic Investment Holdings.
Founded in 2019, the T3 operates in over 80 cities across China with more than 95 million registered users and nearly 600,000 registered drivers on its platform. In April, the platform claimed its daily orders have surpassed 3 million.
Internet giants Tencent and Alibaba are among its investors, as are automakers including China's FAW Group, Dongfeng Motor and Chongqing Changan Automobile, according to its website. The company is also working on developing self-driving technology.
T3 has ramped up subsidies for drivers and passengers to quickly build market share after all of China's ride-hailing giant Didi's apps were ordered off the shelves due to an investigation by China's internet regulator.
On May 23, nearly a year after Chinese authorities launched a probe into it, Didi announced that it would soon file a FORM 25 with the U.S. Securities and Exchange Commission (SEC) to delist its American depositary receipts (ADRs) from NYSE.