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Didi’s journey hailing rival T3 raises $1.2 bln to increase

BEIJING, Oct 26 (Reuters) – T3, a Chinese ride-hailing firm backed by state-owned automakers FAW (SASACJ.UL), Dongfeng (0489.HK) and Changan (000625.SZ) stated on Tuesday that it had raised 7.7 billion yuan ($1.2 billion) to fund growth.

T3’s funding spherical comes as ride-hailing corporations step up efforts to take market share from China’s journey hailing market chief Didi Global Inc (DIDI.N) which is dealing with a cybersecurity investigation by Chinese authorities. learn extra

T3, together with different journey hailing corporations, together with Meituan’s and Geely’s Cao Cao, is providing promotions to draw extra customers.

The firm didn’t disclose its valuation after the funding. Investors on this funding embrace Yingtong Technology, on-line journey platform Tongcheng (0780.HK), and Virtue Capital, an funding firm led by Dong Yang, former head of China Association of Automobile Manufacturers (CAAM), T3 stated in a press release.

The journey hailing business in China is beneath scrutiny by the nation’s regulators, who’re urging journey hailing corporations to rent certified drivers to adjust to related guidelines and defend knowledge safety.

Reporting by Yilei Sun and Brenda Goh. Editing by Jane Merriman