Chinese digital energy services platform Newlink Group has raised $200 million in a new funding round led by Bain Capital, as government support for electric vehicles looks to drive one of its major businesses.
Existing investor Joy Capital also joined the round, which is the company’s second major fundraising effort this year, Newlink said in a statement issued on Monday. In January, Newlink completed a $100 million investment led by CMB International.
Founded in 2016 in Beijing, Newlink helps drivers find gas stations and vehicle charging points in China through its two flagship apps Tuanyou and Kuaidian. The company said that it has built ties with 23,000 gas stations and 700,000 charging piles across 1,700 Chinese cities and towns.
In recent years, Beijing has encouraged wider use of electric vehicles as part of efforts to fulfill its promise of achieving carbon neutrality by 2060, potentially foretelling a bright future for Newlink in the country, where charging stations may increase rapidly as the government aims to boost new energy vehicle sales to a quarter of all auto sales by 2025.
According to Reuters, Newlink, which counts Xiaomi, Nio Capital and CICC Capital as backers, also plans to integrate independent gas stations into Newlink-branded hubs that include gas stations, electric vehicle charging piles, auto maintenance services and convenience stores.
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