eHi Car Rental, a Shanghai, China-based car rental company, has signed a US$70m agreement with a consortium of international investors.
The investment was led by Goldman Sachs, with participation from existing investors Qiming Venture Partners, CDH Ventures, Ignition Capital, JAFCO Asia and New Access Capital.
Commenting on the transaction, which is expected to complete soon, Mr. Ray Zhang, the founder, Chairman and CEO of eHi, said: “After this closing, we will further expand our fleet and geographical coverage, provide more value-added services and pioneer a greener life style through car sharing for our customers, promote fleet outsourcing to more corporate clients, and maintain our leading position in China’s car rental market”.
eHi operates over 120 self-drive service locations in 34 cities with over half a million customers. It also provides chauffeured service in over 70 cities. Its over 4,000 vehicle fleet includes a full variety of models from mini-size car to 53-seat bus. eHi’s services include customer-oriented self-drive service, short-term chauffeured service, and long-term fleet management for corporate clients.