Shanghai Based eHi Car Rental Raises $20 Million in Series B Financing

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.

Net firm ChinaCache lands US$31.5m overseas capital

"ChinaCache, a Beijing-based Internet content delivery network (CDN) operator, has secured $31.5 million from overseas investors such as Intel Capital and Ignition Partners, thanks to the rapid development of China's Internet industry.

Shanghai-based venture capital firm Qiming Venture Partners led the investment in ChinaCache. Six other investors such as Intel Capital, the investment arm of the world's leading chipmaker, also bought stakes.

Established in 1998, ChinaCache had secured $8.5 million in 2005 from venture investors to fund its growth.

"The rapid growth of video and audio contents on the Internet creates a huge demand for content delivery services in China," said Wang Song, ChinaCache's CEO."