Shanghai (ZXZC)- GoFun, a car sharing platform endorsed by stated-owned Shouqi Group, has closed its series B financing with several hundred million yuan raised, according to a local media outlet.

Photo source: GoFun

The latest financing round is led by the funds supported by state-run development and investment companies and the industrial funds upheld by local governments. Chery New Energy, one of existing shareholders, was still involved this time, the local report revealed.

GoFun is drawing up plans with some domestic investment banks for going public and “its possibility of being listed on the science and technology innovation board in the near future also exists,” according to the media channel, citing a person brief on this matter.

Upon completion of the Series B round, GoFun will upgrade and iterate its software and hardware to consolidate its technology barrier, and further expand market shares. Specifically, the company will upgrade and iterate its vehicle resources, software & hardware supporting system, standardized services, offline operation and maintenance service, and upsize fleets by making more dealers and private car owners registered on the platform, said the people with knowledge of the plan.

Launched in February 2016, GoFun works as the hourly NEV rental business unit of Shouqi Group, a Chinese state-owned transportation company. Immediately prior to the Series B round, it completed the Series A financing as far back as 2017, according to the corporate date platform Tianyancha.

GoFun has so far deployed businesses in 80 plus cities across China, including not only such first-tier and second-tier cities as Beijing, Guangzhou and Chengdu, but also many significant cities famous for tourism industry like Xi’an, Chongqing, Guilin and Sanya.