(Yicai Global) Oct. 26 -- Linghang Technology, the operator of Chinese ride-hailing platform T3 Mobility, has banked CNY7.7 billion (USD1.2 billion) in the biggest single fundraiser by a company in the field since 2018, according to Beijing Business Today.

The Series A financing round was led by a Citic consortium and also included existing investors such as Suzhou Tongcheng Tourism Network Technology, FAW Group, Dongfeng Automobile, Chongqing Changan Automobile and the investment units of Tencent Holdings and Alibaba Group Holding, the report said, citing the company.

Nanjing-based Linghang has also signed a strategic cooperation deal with Citic Investment Holdings, saying the pair will partner in various fields to create a new smart mobility ecosystem.

Set up in 2019, T3 operates in 41 cities, has more than 54 million registered users, and its daily orders recently hit over 2 million.

Linghang’s registered capital rose by 5.26 percent to CNY5.3 billion from CNY5 billion on Oct. 21, according to data on business information site Qixin.

Operating permits had been granted to 248 ride-hailing platforms as of Sept. 30, per data the transport ministry published on Oct. 20, and local authorities have issued 3.6 million ride-hailing driver licenses.

Editor: Tom Litting