eHi Car Rental, based in Shanghai, has raised $20 millionn in Series B VC financing led by CDH Investments with Jafco Asia and Qiming Venture Partners. The company hopes to increase list on the A-share market in 2011.
Zhang Ruiping, founder and CEO of eHi Car Rental stated that the company plans to use the fund to expand the size of the vehicle team, increase the number of outlets, and enlarge the sales network.
In March 2008, eHi Car Rental secured a$5M investment from Qiming Venture Partners, in addition to auto loans from several banks including China Merchant Bank and Industrial Bank.
eHi Car Rental was founded in 2006 and headquartered in Shanghai, with branched in nearly 30 cities throughout China. The company has about 2000 vehicles from Chevrolet, Volkswagen, Ford, Honda, Toyota and Mazda.
The company provides car rental services in more than 70 cities at a price ranging from RMB99-359 per day.