A new route for ride-hailing companies in China

The ride-hailing market in China is saturated and smaller players are now entering into new markets like electric and logistics vehicles to avoid direct competition with the dominant players.

Regional ride-hailing company Wuhan BMKP Technology BMKP announced on Tuesday that it has raised Rmb300 million $43 million from Beijing Qianjiayuan Capital for business expansion.

BMKP also signed a partnership agreement with Shenzhen-listed Chinese car maker Zotye Auto for alternative energy vehicles and fuel-engine cars.

BMKP chief executive Li Jia has said that proceeds will only be used for company operations, and not for the purchase of cars.

Founded in 2015, BMKP already has 125 municipal licenses in China to operate. It is ranked second to rival platform WscarEcar which boasts operating licenses in 139 cities. Still BMKP has almost double...

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