Rica Car Rental completed over 100 million yuan of financing, Fidelity and Sequoia joint capital injection (VC318)

Internationally renowned venture capital Fidelity Investment and Sequoia Capital have caught the Chinese car rental market. On August 29, the car rental company Rica Car Rental announced in Guangzhou that it had received funding from Fidelity and Sequoia. Regarding the amount of capital injection, both Rica Rent-a-Car and two venture capital companies were reluctant to disclose accurate data, but it was revealed that Rika's total funding for this round exceeded 100 million.
Rica Car Rental has an interesting senior team. Among them, its chairman Zheng Nanyan is the CEO of the 7-day chain of economic hotel chain giants, and CEO Huang Ji is the former senior vice president of the 7-day chain.
Compared with the current status of the attractive car rental market in the United States, China's car rental industry appears to be "unlimited in its future". According to a survey by relevant agencies, the total number of Chinese car rental vehicles was about 200,000 in 2010, and it is expected to reach 430,000 in 2014. The size of the Chinese car rental industry is also expected to increase from about 18.2 billion in 2010 to about 2014 38 billion.
But the reality is still "pale". At present, under the circumstance that it is difficult to obtain a train ticket during the Chinese New Year, the Chinese New Year will become the peak season of the car rental industry. Next, consider renting a car. However, the domestic car rental industry is still in a relatively chaotic state, and currently only two slightly larger car rental chains, Shenzhou Car Rental and Yihe Car Rental, have been formed. In addition, problems such as the difficulty of returning the car have also been criticized.
Compared with Shenzhou and Yihe, Rica Car Rental, which was established in 2009, has obviously developed very quietly in the past two years. It is understood that, compared with the fleet size of more than 22,000 car rentals in China, the current fleet size of Rica Rent-a-Car is only 230, with only 12 stores in Guangzhou and Changsha.
With the successful financing from Fidelity and Sequoia, Rica and the two venture capital companies all expressed mystery about the specific amount of capital injection. Huang Ji revealed that the number will exceed 8 zeros, and Sun Qian, Managing Director of Sequoia Capital, said that the amount of this round of financing is the highest in the amount of round A financing among several car rental companies.
Huang Ji, CEO of Rica Car Rental, said that after the financing, Rika Car Rental will greatly accelerate the expansion of its business and plans to achieve a fleet of more than 1,000 vehicles by the end of 2011. Compared with Yihai, Shenzhou initially focused on the expansion of first-tier cities in the north. Huang Ji said that Rika's subsequent expansion will focus more on the southern China market and some second-tier cities in the southwest.
It is understood that Rika even has plans for "6000 to 8000 vehicles in 2012 and 10,000 vehicles in 2013." Huang Ji said that, compared to Shenzhou and Yihai, Rika will focus on "economical car rental" and do "satisfaction of daily necessities." Both Zheng Nanyan and Huang Ji kept saying that this positioning is to create another "7 days" in the car rental industry.
However, compared to the 7-day chain that currently faces the cost control and service management problems brought about by rapid expansion, Rica Car Rental is faced with an unsatisfactory market environment first. Although the emergence of the domestic car rental industry is not short, but the industry currently believes that the industry is still mainly spontaneous development, "scattered, chaotic, poor" characteristics are obvious, lack of large-scale car rental companies, car rental is still less convenient.
The above information source "Venture Investment" is authorized by the China Venture Capital Research Institute (CVCRI) to publish it. All rights reserved. Please indicate the source when reprinting.

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