Amid Didi Woes, Its Rival T3 Raises CNY 7.7 Bn
On October 26, 2021, T3 received CNY 7.7 billion (USD 1.21 billion) in a Series A led by China International Trust Investment Corporation (CITIC), Tencent and Alibaba (BABA). It's the largest VC funding round in the Chinese ride-hailing market since 2018.
While Didi has been suffering, the private capital never stops searching for the next unicorn in the ride-hailing market. The regulatory failure of Didi in 2021 forced Tencent, which owns 6.8% of the ride-hailer, to look for new possible targets in the area (DIDI, TCEHY).
Compared to Didi, AMap and Dida Chuxing, T3 operates its business in a standardized approach. It ensures the quality of services from vehicle types to drivers' professionalism. T3 owns every vehicle and runs training programs for each driver. This approach makes advertising a much easier and more reliable income stream in contrast to its Uber-esque peers.
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