Beijing (ZXZC)- China’s ride-hailing platform T3 is reportedly finishing up a new round of financing worth over RMB5 billion led by CITIC Group. The company will be granted at least RMB2 billion in line of credit, sources inside the company told local media outlets.

photo credit: T3

This will be the second round of financing since T3’s establishment. Investment organizations are so enthusiastic that the total sum offered by term sheets to the company amounted to tens of billions RMB, people close to the matter claimed.  

T3 is an intelligent ride-hailing service platform jointly established by three major automakers in China, namely FAW Group, Dongfeng Group, and Changan Auto, and also backed by technology giants Tencent and Alibaba. T3 received RMB5 billion from its angel investors in April 2019, and the platform went online three months later.

Since the crackdown on the country’s ride-hailing giant Didi in early July, rivals to the giant have been trying to eat away at its market share. In August, T3’s average daily order number was 1.2 million to 1.5 million, almost doubling from late last year’s 0.7 to 0.8 million orders. However, Didi’s business has not seen a significant hit as the company’s average daily order number was about 20 million in August, still accounting for the majority of the market.

After the open investigation into Didi, the other investment in the ride-hailing segment was in Geely’s subsidiary CaoCao ride-hailing platform. Earlier this month, CaoCao completed a RMB3.8 billion investment round.