Following a $10 million series B round in January, carpool and ridesharing app Tiantian Yongche has now secured series C round led by Baidu with participation from Sequoia Capital. The company claims to have a valuation close to $200 million. In June 2014, the firm had received a capital of $3 million in series A funding round.
Tiantian Yongche provides a platform for carpooling and car sharing for commuters. Currently, it operates in Beijing, Shanghai, Guangzhou, Hangzhou, Tianjin, Chengdu, and some other Chinese cities. The app is available for Android and iOS users.
A few days back, Baidu and Sequoia had also invested series C round in another Chinese carpooling app, 51Yongche. In December 2014, Baidu invested $600 million US based on-demand car service, Uber. The firm has also backed car rental and ride-booking service, Yidao Yongche, which was reportedly in talks with Uber for a possible merger.