Ctrip invests in, strikes partnership with online car rental firm

|By:, SA News Editor

Ctrip (CTRP +2.1%) has taken part in a $60M funding round for Yongche, a provider of Chinese online/mobile car rental booking services. Yongche, currently offers booking services for 49 cities, including Beijing, Shanghai, and Hong Kong, and plans to cover 100+ cities in China and elsewhere next year.

In tandem with the investment, Ctrip says Yongche's products will be recommended and bundled with its existing online/mobile travel services.

Unlike its U.S. online travel peers, Ctrip has stayed out of the car rental bookings market thus far, opting instead to focus on air, train, and hotel bookings, packaged tours, and corporate travel packages.