(Yicai Global) Sept. 1 -- Atzuche, a Shanghai-based peer-to-peer car rental startup, has completed its C+ financing, led by Shanghai Guohe Modern Service Industry Equity Investment Management Co., a branch of Shanghai International Group Co. and China's largest private equity investor in the modern services sector. The amount of funding was not disclosed.

The firm will use the funds for urban expansion and to upgrade products and services, internet news outlet Jiemian News reported. The platform allows private car owners to rent out idle vehicles and earn over CNY3,000 (USD456) per month. Users can rent cars at a cost which is 30 to 50 percent lower than traditional rental prices.

Atzuche currently operates in 40 cities, including Beijing, Shanghai, Guangzhou, Shenzhen, Nanjing and Hangzhou. It has more than 5 million registered users and more than 300,000 vehicles on offer, covering a range of over 10,000 models.

China Pacific Insurance Co. [SHA:601601] exclusively provides Atzuche with a novel insurance system custom-made for the car sharing business model, covering up to CNY2.05 million.