Yongche

The company's business model centered on being an online P2P ride-hailing aggregator, offering services such as hourly rentals, airport transfers, and full or half-day rentals. Users could book a vehicle through various channels, including a website, mobile app, SMS, or even the social media platform Sina Weibo. Yongche distinguished itself by concentrating on the premium and luxury end of the market, targeting affluent clients seeking a higher level of comfort and service compared to standard taxis. This strategy helped it carve out a significant market position, and by 2014, it held a substantial share of the market. The company generated revenue by facilitating these bookings, with fares reportedly being three to five times higher than conventional taxis.

Yongche's growth was fueled by significant venture capital funding. It secured a Series A round of $10 million in 2011 from investors including Qualcomm Ventures and Morningside Ventures. This was followed by a $20 million Series B in April 2013 and a $60 million Series C in December 2013, co-led by Ctrip and DCM. Notable investors across its funding history include ZhenFund, CBC Capital, Baidu, and GIC. In October 2015, the online media company LeEco acquired a 70% controlling stake in Yongche for $700 million, a move that valued the ride-hailing firm at $1 billion. This acquisition marked a major milestone, but it also preceded a period of turmoil. Following financial difficulties at LeEco, Yongche faced its own cash flow challenges, and founder Zhou Hang and his team resigned in April 2017. Subsequently, Taoyun Capital acquired control from LeEco in July 2017.