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Tencent-Backed Ride-Hailing Firm T3 Seeks At Least $750 Million in Round

·2-min read

(Bloomberg) -- The operator of Chinese ride-hailing platform T3 Mobility is seeking to raise at least 5 billion yuan ($750 million) in its latest funding round, according to people familiar with the matter.

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Nanjing Linghang Technology Co., as the company is formally known, is working with advisers to gauge investor interest in the round, the people said, asking not to be identified discussing a private matter.

T3 raised 7.7 billion yuan from its Series A round funding in October 2021, led by Citic Investment Holdings, according to the ride-hailing firm’s official WeChat account. The company will seek a significant premium to the roughly 24 billion yuan valuation it achieved after that round, though it hasn’t set a precise target, one of the people said.

Discussions are ongoing and details of the fundraising could change, the people said. A representative for T3 declined to comment.

The fate of T3’s biggest rival, Didi Global Inc., and the broader crackdown-driven stock slump after its ill-starred US initial public offering last year, looms over China’s technology companies. Didi investors voted on Monday to delist its shares in New York, ending an 11-month ordeal that wiped out around $70 billion of its market value.

Founded in 2019, T3 operates in over 80 cities across China with more than 95 million registered users and nearly 600,000 registered drivers on its platform. Its daily orders have surpassed 3 million, the company said on its WeChat account in April.

Its investors include carmakers China FAW Group Co., Dongfeng Automobile Co., Chongqing Changan Automobile Co. and internet giants Tencent Holdings Ltd. and Alibaba Group Holding Ltd., according to its website. The company is also working to develop autonomous driving technologies.

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