Ctrip International has invested US$100 million in eHi Auto Services, the Shanghai-based car rental company.
The deal will make Ctrip the second largest partner in eHi after Enterprise Holdings, which invested in the company in 2012.
“We are glad that Ctrip… has become our strategic investor and partner through this equity investment,” said Ray Zhang, CEO & founder of eHi. “There will be many areas eHi and Ctrip may work together on to provide better travel products for Chinese consumer and corporate customers.
“We are excited this is a comprehensive partnership that will be mutually beneficial for both companies in a fast growing travel industry in China. As car rental has increasingly become an indispensible part of travel needs for Chinese consumer and corporate clients, we feel there are many opportunities for us as well as for Ctrip to make more convenient travel packages for customers,” he added.
The Ctrip stake marks the latest in a series of investments for eHi in recent years. In addition to the Enterprise investment, the company has received funding from Qiming, Ignition, Jafco, New Accesss, CDH and Goldman Sachs.
eHi now offers more than 400 branches in 80 Chinese cities, with fleet in excess of 13,000 vehicles.
Comments are closed.