Investor Consortium Announces $550 Million in Series B Financing for UCAR Technology

On October 8, 2015, UCAR Technology (UCAR), one of the top three ride-sharing companies in China, announced that it has closed a $550 million Series B round of financing. The oversubscribed round was led by Warburg Pincus, with participation from Legend Capital Limited, Credit Suisse, New China Capital, and several other investors. Wilson Sonsini Goodrich & Rosati represented the investor consortium in the transaction.

Popularly known as "Shenzhou Zhuanche," UCAR is a mobile app-based chauffeured car service that covers 60 cities in China. In its Series B round of financing, UCAR was valued at $3.55 billion—nearly three times its $1.25 billion Series A valuation in July 2015. With the closing of the Series B round, UCAR has raised $800 million in the eight months since launching its service in January 2015—a record among Chinese Internet companies in regard to speed and the total proceeds of Series A and Series B financings.

The WSGR team representing the investor consortium includes Weiheng Chen, Jie Zhu, Ke Li, and Long Li.