Image Source: Visual China

BEIJING, May 25 (TMTPOST) — Nanjing LingHang Technology, the owner of the Tencent-backed mobility service platform T3Go, is reportedly seeking to raise at least around US$750 million in a new round of financing.

Sources said the company is working with an advisor to evaluate investors’ interest in the financing. The company previously completed its Series A round financing in October 2021, raising 7.7 billion yuan. The financing was led by CITIC Investment Holdings Limited.

A source said that T3Go was valued at around 24 billion yuan in its Series A round financing. T3Go is hoping to get a valuation higher than 24 billion. However, there is not yet any detail about the company’s valuation.

T3Go is still having conversations with relevant actors. Details of the financing plan are subject to changes.

T3Go has declined the request for comment.

Founded in 2019, T3Go currently has operations in more than 80 cities across China. T3GO has 95 million registered users and nearly 600,000 registered drivers. The platform said in April that it processed over three million orders every day.?T3Go is actively recruiting new employees and expanding its business, attracting former employees from cab-hailing giant Didi. The platform is also offering passengers high subsidy to gain a larger proportion of the market share.

To speed up its business expansion, T3Go also allows independent drivers to join its platform, which has created internal regulatory pressure and a decline in service quality.

Information on T3Go’s official site shows that the platform was invested by FAW Group and Dongfeng Motor Corporation, as well as Internet giants like Tencent and Alibaba. It received five-billion-yuan angel investment in May 2019, funded by Suning, Alibaba, Tencent, FAW Group, Dongfeng Motor Corporation and Changan Automobile.

Besides mobility service, T3Go is also developing its own autonomous driving and assisted driving technologies.