Chinese Ride-Hailing startup BMKP raises $43M

Chinese ride-hailing firm Wuhan Banma Kuaipao Technology (BMKP.com) has completed a RMB300 million (US$43.21 million) financing round from Chinese private equity fund manager QJY Capital, according to a Chinese media.

QJY Capital’s investment comes after BMKP.com received considerable amount of online ride-hailing licenses, which is a necessary operation material for ride-hailing drivers under the requirement of a new policy introduced in 2017, said Chinese technology media platform lieyunwang citing Yang Yue, chairman of QJY Capital.

The new funding will be used in the market operation instead of the assets operation such as purchasing new cars, said Chinese technology media platform lieyunwang citing Li Jia, the chief executive officer of BMKP.com.

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