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- Caocao Chuxing
Caocao Chuxing Valuation, Funding & Investors
Caocao Chuxing is valued at $1.5B as of January 2018.
Last Caocao Chuxing valuation
$1.5B
Series A · Jan 2018
Last Caocao Chuxing funding round
$589M
Series B · Sep 2021
Cumulative funding Caocao Chuxing raised
$744M
across 2 funding rounds
Key investors in Caocao Chuxing
ZSVC
Zhejiang Paradise
Geely
Dragon Wings Capital
Suzhou Xiangcheng Financial Holding Group
Suzhou High-Speed Rail New City Group
About Caocao Chuxing
Caocao Chuxing is a Hangzhou-headquartered ride-hailing service operating in over 100 cities across China as a Geely Holdings subsidiary launched in 2015. The platform emphasizes electric vehicles for zero-emission mobility, providing premium rides, shared cars, and autonomous vehicle pilots integrated with WeChat for seamless urban transport.
Founded
2015
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Usage-based
Valuation
$1.5B (Jan 2018)
Caocao Chuxing Valuation
Caocao Chuxing is currently valued at $1.5B, based on its Series A in January 2018.
The $156M round was led by Geely and ZSVC, with participation from Zhejiang Paradise and Dragon Wings Capital.
Caocao Chuxing valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jan 2018 | Series A | $1.5B |
Caocao Chuxing Funding History
Caocao Chuxing has raised a total of $744M across 2 funding rounds.
Caocao Chuxing's first fundraising round was a $156M Series A in January 2018. The most recent completed round was a $589M Series B in September 2021.
Caocao Chuxing funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2021 | Series B | Suzhou Xiangcheng Financial Holding Group (lead); ABCI Suzhou Company; Suzhou High-Speed Rail New City Group; Suzhou Innovation Capital; Suzhou Urban Investment Company | $589M | - | Caocao Chuxing, the ride-hailing arm of Geely Holding Group, completed a Series B financing round of 3.8 billion yuan (approximately $589 million) in September 2021, led by Suzhou Xiangcheng Financial Holding Group alongside Suzhou High-Speed Rail New City Group, ABCI Suzhou Company, Suzhou Innovation Capital, and Suzhou Urban Investment Company. The funds were earmarked for improving driver and passenger services, R&D in new technologies, business expansion, service quality, and driver protection. This marked the first domestic equity investment in China's ride-hailing sector in 2021 and the largest such financing since 2020, amid regulatory scrutiny on competitor Didi Chuxing. Founded in 2015, Caocao Chuxing operates ride-hailing services in 62 cities across China, serving over 60 million registered users, 13.5 million monthly active users, and 3 million registered drivers as of mid-2021. The company reported record-high orders in July 2021, reaching 150% of the prior year's same period, with monthly active users exceeding 10 million and app downloads surging 99% month-over-month to 909,610. Ride volume increased 32% in July, capitalizing on Didi's app store removal. The 2021 round brought total funding to around RMB 5 billion. |
| Jan 2018 | Series A | Geely (lead); ZSVC (lead); Zhejiang Paradise; Dragon Wings Capital | $156M | $1.5B | Caocao Chuxing, a ride-hailing service launched by Geely Auto as a unit focused on electric vehicle fleets, completed its Series A funding round in January 2018, raising 1 billion yuan (approximately $155.7 million) from investors including Geely and others at a post-money valuation exceeding 10 billion yuan (US$1.5 billion). The company operated in 17 Chinese cities with a fleet of more than 12,000 Geely electric cars and had surpassed 10 million users at the time. Following the round, Caocao planned expansion into cities like Shenzhen and Chongqing, alongside offering electric car rental services. Positioned to compete in China's ride-hailing market against giants like Didi Chuxing and potential entrants like Meituan-Dianping, Caocao leveraged Geely's automotive expertise, including ambitions to integrate Volvo's driver-assistance systems, autonomous vehicle technology, and even Terrafugia's flying car developments for diversified mobility options. The funding signaled Geely's increased stake in the sector amid potential price wars. Later developments include Caocao's growth to 136 cities by 2024, filing for a HKD1.8 billion (USD233 million) Hong Kong IPO in June 2025, with 2023 gross transaction value at CNY17 billion (USD2.4 billion) and revenue at CNY14.6 billion (USD2.03 billion). Recent activities involve acquisitions like Zhejiang Geely Business Service for CNY65 million in late 2025 and advancements in robotaxi operations. |
Who has invested in Caocao Chuxing?
9 investors have backed Caocao Chuxing across its funding rounds, including ZSVC, Zhejiang Paradise, Geely, Dragon Wings Capital, Suzhou Xiangcheng Financial Holding Group and Suzhou High-Speed Rail New City Group.
Lead investors include Suzhou Xiangcheng Financial Holding Group, Geely and ZSVC.
Caocao Chuxing Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Participant | Jan 2018 | ||
| 1 | Participant | Sep 2021 | ||
| 1 | Participant | Sep 2021 | ||
| 1 | Lead | Jan 2018 | ||
| 1 | Participant | Sep 2021 | ||
| 1 | Participant | Jan 2018 | ||
| 1 | Participant | Sep 2021 | ||
This data is available for Pro users. Sign up to see all 9 Caocao Chuxing investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Caocao Chuxing
Caocao Chuxing has acquired 1 company to date.
Last acquisition by Caocao Chuxing was on December 30th 2025. Caocao Chuxing acquired Weixing Technology for $35M.
Latest Acquisitions by Caocao Chuxing
| Description | - |
| HQ Country | |
| HQ City | - |
| Deal Date | 30 Dec 2025 |
| Valuation | $35M |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Caocao Chuxing acquisitions and their M&A valuation multiples. Start Free Trial | |
Caocao Chuxing Competitors
Caocao Chuxing competitors include listed companies like Eos Energy Enterprises, Amprius and Ola Electric, and private ones like DST Car, Chunqing Technology and StoreDot.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $400M | - | ||
| Private | - | - | $1.5B | - | ||
| Private | - | - | $1.5B | - | ||
| Publicly listed | $114M | ($930M) | $1.4B | 9.9x | ||
| Publicly listed | $72M | ($41M) | $1.4B | 10.9x | ||
| Publicly listed | $215M | ($97M) | $1.7B | 7.9x |
Caocao Chuxing Public Comps
Caocao Chuxing is still privately-owned, but its public comps include Eos Energy Enterprises, Amprius, GO, Lucid, Ola Electric, Polestar, T1 Energy, Uniconn, WeRide and Fastned.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $114M | ($930M) | 21.8x | 9.9x | (2.7x) | (9.5x) | |||
| $72M | ($41M) | 18.4x | 10.9x | (32.1x) | 854.4x | |||
| $266M | $49M | 5.4x | 5.3x | 29.4x | 24.7x | |||
| $1.4B | ($2.3B) | 5.5x | 4.7x | (3.2x) | (2.6x) | |||
| $215M | ($97M) | 8.8x | 7.9x | (19.5x) | (21.4x) | |||
| $3.1B | ($1.9B) | 2.2x | 2.1x | (3.4x) | (7.9x) | |||
| $755M | ($210M) | 2.7x | 2.2x | (9.7x) | 52.8x | |||
| $768M | $73M | 1.3x | 1.1x | 13.9x | - | |||
This data is available for Pro users. Sign up to see all Caocao Chuxing competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Caocao Chuxing
| When was Caocao Chuxing founded? | Caocao Chuxing was founded in 2015. |
| Where is Caocao Chuxing headquartered? | Caocao Chuxing is headquartered in Hangzhou, China. |
| Is Caocao Chuxing publicly listed? | No, Caocao Chuxing is a private, VC-backed company. |
| What is Caocao Chuxing's valuation? | Caocao Chuxing was last valued at $1.5B in its Series A in January 2018. |
| How much funding has Caocao Chuxing raised? | Caocao Chuxing has raised $744M across 2 funding rounds. |
| What was Caocao Chuxing's last funding round? | Caocao Chuxing's last funding round was a $589M Series B in September 2021, led by Suzhou Xiangcheng Financial Holding Group. |
| Who are Caocao Chuxing's investors? | Caocao Chuxing's investors include Zhejiang Paradise, ABCI Suzhou Company, Suzhou High-Speed Rail New City Group, Geely, Suzhou Innovation Capital, Dragon Wings Capital, Suzhou Urban Investment Company, Suzhou Xiangcheng Financial Holding Group and ZSVC. |
| Which companies are comparable to Caocao Chuxing? | Companies comparable to Caocao Chuxing include DST Car, Chunqing Technology, StoreDot, Eos Energy Enterprises, Amprius and Ola Electric. |
| How many companies has Caocao Chuxing acquired? | Caocao Chuxing has acquired 1 company, including Weixing Technology. |
| What was the largest acquisition by Caocao Chuxing? | The $35M acquisition of Weixing Technology in December 2025 is the largest acquisition Caocao Chuxing has made to date. |
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