Frees Fund Invests in First Funding Round for Jineng Technology
Jineng Technology, a one-stop services operator for new energy vehicles, has announced the completion of its first round of financing totaling tens of millions of yuan. This round featured exclusive investment from Frees Fund, while StarBridge Capital acted as the exclusive financial adviser, according to a Tuesday report by 36Kr. This round of funds will be mainly used for the continuous optimization of the firm’s services system and for further market development.
At present, Jineng Technology operats Carket, focuses on use scenarios for new energy vehicles in low-tier Chinese cities, building a one-stop basic services ecosystem, so as to promote new energy vehicles and provide consumers with convenient, economical, green life-cycle automobile services. In addition to the sale of new energy vehicles, its business also involves after-sales services.
The “Intelligent Collaborative Platform for Automobile Circulation” developed by Jineng Technology covers a wide range of industry resources. A total of more than 20 SaaS products have opened up key nodes in the whole chain of automobile service, including supply chain management, vehicle-cargo matching, logistics and warehousing, distributor management, payment and settlement functions.
The company is actively exploring the application of hardware technologies such as lithium battery maintenance and remote fault diagnosis, and is determined to become a technology-driven enterprise.
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According to data released by the China Association of Automobile Manufacturers (CAAM), the sales volume of domestic new energy vehicles exceeded expectations in 2021, approaching 3.3 million units. Conservative estimates anticipate that the domestic sales volume of new energy vehicles will reach 5.74 million by 2025, with a compound growth rate of 31% from 2020 to 2025. In the long run, small-town and rural markets will account for more than 60% of buyers.
On the other hand, circulation channels and service systems for new energy vehicles lag far behind in small-town and rural markets, and the professional channels and after-sales service systems are basically blank. The per capita possession of public charging piles in some county-level areas is less than 1% of that in first-tier cities, which seriously restricts the promotion and development of new energy vehicles in these markets.
