iCarsClub is a Singapore-based company operating PPzuche, a Chinese peer-to-peer (P2P) car-rental platform. The company’s core product is PPzuche, which facilitates peer-to-peer car rentals in China. iCarsClub raised $60 million in a Series B round specifically for its China venture. The funding was provided by IDG Capital Partners and MorningSide Ventures. The article does not disclose operating metrics, detailed plans, or other financial information. iCarsClub provides a platform that enables car owners to rent out their own vehicles by the hour; the company installs hardware in members’ cars so renters can unlock doors via a phone app connected to a central server. Unlike Zipcar, iCarsClub does not own or supply vehicles. The startup launched in December and is testing the concept in its home market of Singapore. The team of five, led by CEO Eddy Zhang, plans rapid expansion to China within the year, specifically targeting Beijing and Shanghai. iCarsClub has set targets to attract 5,000 members and 1,000 cars in Singapore and another 1,000 cars in China by the end of the year. Financially, the company recently closed a seed round of approximately $482,000 to fund its growth plans.

Total raised

$61M

Funding rounds

2

Latest round

Series B

Latest activity

Nov 2014