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- Yidao Yongche
Yidao Yongche Funding, Investors & Competitors
Yidao Yongche has raised $780M across 3 funding rounds, most recently a $700M strategic investment round in October 2015.
About Yidao Yongche
Yidao Yongche (also known as Yongche) was a Beijing-based car rental and private car-hailing service in China, among the early entrants in the country's ride-hailing market before Didi Kuaidi and Uber came to dominate. The company expanded to more than 20 cities, including overseas markets serving Chinese tourists.
Founded
2010
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Product sales
Yidao Yongche Funding History
Yidao Yongche has raised a total of $780M across 3 funding rounds.
Yidao Yongche's first fundraising round was a $20M Series B in April 2013. The most recent completed round was a $700M strategic investment round in October 2015.
Yidao Yongche funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Oct 2015 | Strategic investment | LeEco | $700M | Yidao Yongche was a Chinese private car-hailing service, positioned as a distant fourth player behind leaders like Didi Kuaidi and Uber, with a market share estimated between 0.7% and 2.7% as of mid-2015. On October 20, 2015, LeTV (also known as LeEco), a Beijing-based technology company involved in smartphones, online video, and automotive ventures, invested $700 million to acquire a 70% controlling stake in Yidao Yongche, valuing the company at $1 billion and elevating it to unicorn status. This deal was part of LeTV's broader strategy to expand into the automotive ecosystem, including electric vehicles, robotics, and related services, with partnerships like Aston Martin and BAIC. The investment occurred amid intense competition in China's ride-hailing market, characterized by heavy subsidies, price wars, and billions in funding for rivals—Didi Kuaidi raised $3 billion in September 2015 while controlling over 80% market share, and Uber secured $1.2 billion led by Baidu. Yidao Yongche operated in over 20 cities, including international presence targeting Chinese-speaking users in the US and elsewhere, but struggled against better-funded competitors. LeTV's move aimed to integrate Yidao into its 'super electric ecosystem' encompassing R&D, sales, charging, and mobility services. Post-investment challenges emerged; by 2017, LeEco faced a severe cash crunch, pulling back from Yidao amid allegations of fund misappropriation and delayed driver payments, as reported by Caixin. Yidao founder Zhou Hang accused LeEco of diverting 1.3 billion yuan ($189 million), though LeEco denied it and claimed support for subsidies. LeEco's woes extended to layoffs, unpaid suppliers, and debt repayments, with founder Jia Yueting acknowledging misallocated funds that hindered business growth including electric cars. |
| Dec 2013 | Series C | DCM Ventures (lead); Trip.com (lead) | $60M | Yidao Yongche (also known as Yongche) is a Beijing-based car rental and private car service provider in China, operating as an early competitor in the ride-hailing and car rental market. In December 2013, the company announced a Series B+ or similar funding round of $60 million USD led by Ctrip (now Trip.com) and DCM Ventures. This round positioned Yidao Yongche amid China's growing mobility sector, preceding the dominance of players like Uber and Didi Kuaidi. The company later expanded to over 20 cities, including overseas markets targeting Chinese tourists. A later 2015 investment by LeTV valued Yidao Yongche at $1 billion post-money, with LeTV acquiring a 70% stake for $700 million USD, highlighting rapid growth in valuations for Chinese ride-sharing firms despite modest market share estimates of 0.7-2.7%. |
| Apr 2013 | Series B | CBC Capital (lead) | $20M | - |
Who has invested in Yidao Yongche?
4 investors have backed Yidao Yongche across its funding rounds, including DCM Ventures, CBC Capital, Trip.com and LeEco.
Lead investors include DCM Ventures, Trip.com and CBC Capital.
Yidao Yongche Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Lead | Apr 2013 | ||
| 1 | Participant | Oct 2015 | ||
This data is available for Pro users. Sign up to see all 4 Yidao Yongche investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialYidao Yongche Competitors
Yidao Yongche competitors include listed companies like Uber and Bending Spoons, and private ones like Kakao Mobility, Banma Kuaipao, Dazhongkanche and Jerry.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $159M | - | $2.7B | - | ||
| Private | - | - | $725M | - | ||
| Private | - | - | $735M | - | ||
| Private | - | - | $450M | - | ||
| Publicly listed | $52B | $6.2B | $145B | 2.8x | ||
| Publicly listed | $2.6B | $520M | $24B | - |
Yidao Yongche Public Comps
Yidao Yongche is still privately-owned, but its public comps include Meta, Uber, Bending Spoons, DiDi, Aurora Innovation, Grab, Kakao, Match Group, Kunlun and Duolingo.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $201B | $104B | 8.8x | 7.4x | 17.0x | 12.7x | |||
| $52B | $6.2B | 3.0x | 2.8x | 24.9x | 14.6x | |||
| $2.6B | $520M | 11.0x | - | 54.9x | - | |||
| $34B | $68M | 0.4x | 0.3x | 177.8x | 24.4x | |||
| $3M | ($786M) | 3957.3x | 1040.1x | (15.1x) | (15.5x) | |||
| $3.4B | $350M | 2.3x | 1.9x | 21.9x | 11.5x | |||
| $5.9B | $1.1B | 0.9x | 0.9x | 4.8x | 4.1x | |||
| $3.5B | $939M | 3.7x | 3.7x | 13.9x | 10.0x | |||
This data is available for Pro users. Sign up to see all Yidao Yongche competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Yidao Yongche
| When was Yidao Yongche founded? | Yidao Yongche was founded in 2010. |
| Where is Yidao Yongche headquartered? | Yidao Yongche is headquartered in China. |
| Is Yidao Yongche publicly listed? | No, Yidao Yongche is a private, VC-backed company. |
| How much funding has Yidao Yongche raised? | Yidao Yongche has raised $780M across 3 funding rounds. |
| What was Yidao Yongche's last funding round? | Yidao Yongche's last funding round was a $700M strategic investment round in October 2015. |
| Who are Yidao Yongche's investors? | Yidao Yongche's investors include CBC Capital, LeEco, Trip.com and DCM Ventures. |
| Which companies are comparable to Yidao Yongche? | Companies comparable to Yidao Yongche include Kakao Mobility, Banma Kuaipao, Dazhongkanche, Jerry, Uber and Bending Spoons. |
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