The online car-hailing market has been one of the most dynamic aspect of the smart transportation industry and experienced exponential growth in 2015. Revenue reached RMB26.07 billion in the year, and is estimated to skyrocket to RMB52 billion in 2018. In the fourth quarter of 2015, the Ministry of Transport released consultation papers on the Guidelines to Deepen Reforms and Further Promote the Healthy Development of the Taxi Sector and the Interim Measures for the Operation and Services of Online Car-hailing Taxis, establishing the basic model for a legal operation and management of services, vehicles and drivers.
As the online car-hailing platform launched by Shouqi Group, Shouqi Qi Limousine & Chauffeur is known as the “official chauffeured service” because of its fleet of vehicles and drivers with official taxi licenses. Unlike its competitors, the Shouqi service targets the high-end market, seeks to meet corporate and institutional demands and through this expands to service individual customers.
JIC Technology Investment, JIC’s investment platform targeting next-generation information technology, held a bullish view on the market prospects of high-end car-hailing services, and led the investment of RMB200 million in Shouqi Limousine & Chauffeur in September 2015. Other investors included Sina.com. Following the investment, JIC Technology Investment continued to support the growth of Shouqi Limousine & Chauffeur through a wide range of cooperation in expanding customer, terminal and financial resources.
“After the new measures for online car-hailing services were announced, Shouqi Limousine & Chauffeur received even more attention from institutional investors because it was clean on compliance issue. We ran into very strong competitors, didn’t have much time and had a tough time pitching for the project.
But we won the recognition from Shouqi’s management, because of our efficiency, our hard work, our understanding of the online car-hailing industry, and our professional advice on strategic planning and financing.”Project team, JIC Technology Investment
Since launching in September 2015, Shouqi Limousine & Chauffeur received favorable reviews and recorded continuous growth in the number of customers, and has expanded to pilot run in ten major cities in China. Going forward, Shouqi Limousine & Chauffeur will continue to expand its fleet, service offerings and serviced areas. Meantime, thanks to Shouqi Grou’s experience in servicing large-scale events and conferences, Shouqi Limousine & Chauffeur also provided professional transport services for international events such as the Beijing International Running Festival, the International Tennis Federation (ITF) Junior Masters and the Chongqing International Auto Industry Fair, etc. In April 2016, Shouqi Limousine & Chauffeur and Shouqi Car Rental became the official transport partner of the Beijing International Film Festival for attending filmmakers and artists.