(Yicai Global) July 10 -- Chinese energy services startup Newlink Group has completed its CNY900 million (USD128.7 million) Series D round of financing, led by state-owned CICC Capital.

Familiar investors Nio Capital, Xiaomi, Korean Investment Partners, and Joy Capital also participated in the latest fundraising of the firm that expects to double its gross merchandise volume this year, online news outlet TechWeb reported, citing the Beijing-based startup.

Founded in 2016, Newlink runs two platforms: refueling application Tuanyou and battery charging app Fleetin. The company also offers software-as-a-service solutions for energy distributors. Its network covers 20,000 gas stations and 400,000 charging piles.

With its latest funding, Newlink will build cloud computing system Nenglian Cloud to help gas stations and electric vehicle charging stations use more digital services, including those for payments, marketing, and supply chain management.

Newlink finished its Series C round of funding in November 2019, raising USD110 million. By the end of that year, its annual GMV reached CNY50 billion (USD7.1 billion).

Editor: Emmi Laine