Private Equity News Asia Catch a Cab Like A Chinese Diplomat, T3 Raises More than $140m in Series A
T3 Go, a Chinese ride-hailing platform looking to challenge incumbent market leader Didi Chuxing, has raised more than CNY 1bn (USD 140m) in a Series A extension.
The round was led by Hillhouse Capital Group, with participation from Sequoia Capital China, IDG Capital, and 5Y Capital.
The funding will be used to expand T3’s operations in China, as well as to develop new features and services.
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T3 was founded in 2020 by former executives from Didi Chuxing. The company’s platform offers a range of ride-hailing services, including taxis, private cars, and buses.
T3 also offers a number of features that are not available on Didi Chuxing, such as the ability to book rides in advance and the ability to track the location of your driver in real time.
The ride-hailing market in China is highly competitive, with Didi Chuxing holding a dominant market share.
However, T3 is hoping to tap into a growing demand for alternative ride-hailing platforms. The company has seen strong growth in recent months, and it is now one of the top five ride-hailing platforms in China.
With the latest funding, T3 is well-positioned to challenge Didi Chuxing for market share. The company has a strong team of experienced executives, and it is offering a range of innovative features that are not available on other platforms.
T3 is also backed by some of the most respected investors in the world, which gives it the resources it needs to grow its business.
It will be interesting to see how T3 fares in the Chinese ride-hailing market.
The company has a lot of potential, but it will need to overcome the challenge of competing against Didi Chuxing. If T3 is successful, it could shake up the Chinese ride-hailing market and give consumers more choice.
About T3 Go
T3 Go is a Chinese ride-hailing platform that was founded in 2020. The company’s mission is to provide safe, reliable, and affordable transportation to its users. T3 Go offers a range of ride-hailing services, including taxis, private cars, and buses.
The company also offers a number of features that are not available on other platforms, such as the ability to book rides in advance and the ability to track the location of your driver in real time.
T3 Go is currently available in over 100 cities in China. The company has seen strong growth in recent months, and it is now one of the top five ride-hailing platforms in China.
About Hillhouse Capital Group
Hillhouse Capital Group is a leading private equity firm in China.
The firm was founded in 2005, and it has invested in a wide range of industries, including technology, healthcare, and consumer goods. Hillhouse Capital Group is a major investor in T3 Go, and the firm’s investment in the company is a vote of confidence in T3’s future.
Conclusion
The latest funding for T3 Go is a significant development in the Chinese ride-hailing market. The company has the potential to challenge Didi Chuxing for market share, and its success could shake up the industry. It will be interesting to see how T3 Go fares in the coming months and years.
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