Ride-Hailing Venture T3 Gets Fueled By Alibaba And Te

Ride-Hailing Venture T3 Gets Fueled By Alibaba And Tencent

T3 intents to embrace renewable energy for its ride-hailing services.

Ride-Hailing Venture T3 Gets Fueled By Alibaba And Tencent

After dominating China’s car-hailing service for a full two years, Didi, the Beijing based ride-sharing, AI, and autonomous technology conglomerate is stumbled upon by T3, a new competitor in the ride-hailing domain.

T3 rollout was a joint effort by a dozen companies, which included three top automakers, FAW Group, Dongfeng Motor, and Changan Automobile and saw an investment of 9.76 billion yuan ($1.45 billion) in July last year.

Apart from them, the major share of funding of the ride-hailing venture was led by the country’s largest internet companies, Alibaba and Tencent.

In the entire investment, Suning, a home appliance retailer, is the largest shareholder with a stake of 17.42 percent. Apart from it, the automakers will be sharing 16.39 percent of the new entity and rest being divided among the other affiliates.

Here the co-investment by Alibaba and Tencent is a surprise for many of the industry experts, as on many occasions, both these giants have often invested in rival companies. But it was made possible due to the merger of Tencent-backed Didi and Alibaba-backed Kuaidi, a global car service app.

In the latest announcement made last week, the significant chunk of ride-hailing venture funding will be aimed towards powering the car-sharing services by renewable energy. Interestingly, the company policy to embrace renewable energy will be in line with China’s efforts to electrify the transportation sector.

With many companies stepping up into the new field will help in devising new strategies and dig into innovations, which is expected to attract more private money and consequently, will help in achieving the T3 targets.

T3 is backed to create a “smart mobility ecosystem” with the manufacturing understanding of the top automakers. To achieve it, the company further aims to combine the data capability of all of its technology partners.

Presently, much like Didi, T3 will be facing a challenge from rivals like Shouqi Limousine & Chauffeur and Caocao, a chauffeur ride-hailing app backed by Geely.

Tanya <span>Editor In Chief</span>
Written By
Tanya Editor In Chief

She is a content marketer and has more than five years of experience in IoT, blockchain, Web, and mobile development. In all these years, she closely followed the app development, and now she writes about the existing and the upcoming mobile app technologies. Her essence is more like a ballet dancer.


AI Powered Music Startup Musiio Raises $1M

4 min read  

Musiio, a Singapore-based AI music startup that helps digital music companies with discovery and creation through Artificial Intelligence has raised $1 million in seed funding.The investment round was led by Wavemaker Partners, U.S. investor Exponential Creativity Ventures, and other angel inves


AI-Driven Chat-Based Hyperlocal Services App Dunzo Raises $3.1M In Series C Funding

2 min read  

Artificial Intelligence-driven on-demand task manager app Dunzo has raised $3.1 million in a Series C funding round. The investment round was led by Milestone Trusteeship Services, N Lakshmi Narayanan (former Cognizant CEI), Monika Garware Modi, and the Raintree Family.The startup which was foun


Logistic Player Lalamove Seals $300 M For Expansion In Asia

2 min read  

Lalamove, an on-demand last-mile logistics app has bagged $300 million funding in a Series D round. Apart from the first time investors likeShanghai-based Eastern Bell Venture Capital and PV Capital, Sequoia China and Hillhouse Capital were the major investors. The Series D round was joined by the e


DoorDash Valuation Boost To $7.1B With The Latest Funding Of $400 M

2 min read  

Food delivery companies are turning heads in the investment world by raising a large pool of funds. Recently US food delivery giant DoorDash new funding reached $400 million. In DoorDash series F funding, Temasek and Dragoneer Investment Group were the major investors. The total capital of DoorDash