Tencent, Alibaba-backed ride-hailing firm T3 Mobility said to seek RMB5 billion investment

Beijing (Gasgoo)-China’s Tencent and Alibaba Group-backed online ride-hailing platform, T3 Mobility, is reportedly seeking at least RMB5 billion ($750 million) in its latest financing round, several media outlets reported on May 25th.

Photo credit: T3 Mobility

T3 Mobility’s registered entity, Nanjing Linghang Technology Co., Ltd., is cooperating with advisor companies to feel out potential investors’ level of interest in participating in the investment round, sources close to the matter told the media outlet.

In its Series A financing round, T3 Mobility scored a valuation of roughly RMB24 billion ($3.56 billion), the source added, and the valuation T3 Mobility pursues now is far higher than that. Currently, no specific number has been disclosed by the company. As the negotiation is underway, details about the new financing round stand to change.

When approached with the matter, T3 Mobility gave no comment to a local media outlet.

Founded in 2019, T3 Mobility bagged various big-name investors in China, including FAW Group, Dongfeng Motor, Changan Automobile, Tencent, and Alibaba Group. The company currently operates in over 80 cities in the country, accumulating more than 95 million registered users and nearly 600,000 registered drivers.

Up to now, the company has completed two investment rounds. In October 2021, the company secured RMB7.7 billion ($1.14 billion) in Series A from CITIC, Redview Capital, and Tongcheng Travel. In May 2019, T3 Mobility received RMB5 billion ($741.69 million) in Angel round, from Suning, Alibaba Group, Tencent, and the aforementioned automakers.