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Alibaba invests in Chinese Letzgo to meet the online car ride-hailing demand

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According to the latest Chinese Ministry of Transport Data, China has 248 licensed online ride-hailing companies but China’s dominant ride-hailing app, Didi Chuxing, has been banned from new registries. Plus, its 25 mobile apps have been removed due to national security and data risks. Therefore, to meet the boosting demand of the online car-riding industry in China, Alibaba Group Holding has bought a 10% stake and invested $6.27 million in a state-owned Shanghai-based online ride-hailing service named Letzgo. This is not Alibaba’s first investment in the shared transport sector. Big names including Hello Inc.; a Chinese bike-sharing start-up, AutoNavi Software Co., and T3 Chuxing are all backed up by Alibaba.

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Consumer Goods industry will surpass $15T globally by 2025. However the old business model of mass distribution is about to become obsolete. Digital Transformation, Millennials and Gen Z effect, Direct to Consumer and Post-Covid World are going to reshape the winning formula for the new era CG industry. Our weekly newsletter covers global innovations and disruptions in CG industry.

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