Hello Inc. Secures $289 Million of Financing, Alibaba Becomes Its Shareholder

Chinese mobile travel platform Hello Inc. announced the completion of a new round of financing of $280 million on Tuesday, led by Ant Group and Alibaba. This is the second round of financing obtained by Hello Inc. this year. So far, it has closed financing deals totalling over $500 million this year.

Since its establishment five years ago, Hello Inc. has received funding from many well-known investment institutions including Ant Group, Alibaba, GGV Capital, Chengcheng Capital, Fosun Group, Primavera Capital Group and Greater Bay Area Development Fund.

In fact, the financing from the first half of this year saw Contemporary Amperex Technology Co., Limited (CATL) get shares of Hello Inc. for the first time. Prior to this, “Xiaoha Power Xxchange”, the electric bicycle power exchange brands owned by Hello Inc., received joint investment from Ant Group and CATL in 2019.

Yang Lei, CEO of Hello Inc., said that the shareholdings of Alibaba and CATL are of great significance to the company. Going foward, Hello Inc. will cooperate closely within Alibaba‘s ecosystem and further utilize CATL’s battery resources to help the company further develop its business.

In recent years, Hello Inc. has gradually introduced car pooling, power exchanges, taxis, electric cars, and other services. Up until now, Hello Inc.’s electric bicycles have been stationed in over 400 cities in China, with more than 500 million registered users.

SEE ALSO: Alibaba-Backed Hello Inc. to Complete New Round of Financing

Hello Inc.’s hitchhiking service has covered more than 300 cities in China, with more than 10 million certified car owners. At the same time, Hello Inc. has launched taxi services in Guangzhou, Chengdu and other cities. As a new important business, three types of electric bicycles will be launched this year.

In April 2021, Hello Inc. submitted its IPO application to list on the Nasdaq. However, in August, it requested to withdraw the application.