Wukong

Type

Car Rental

Founder(s)

Xianhe Hu

Year Invested

2015

Investment Stage

Angel (Jan 2015),
Series A (Mar 2015),
Series A (May 2015)

Company Intro

Wukong Car Rental is an innovative mobile and internet platform that leverages the power of P2P asset funding and concepts of the shared economy to create a unique business model. Wukong Cars can be rented for several hours up to several months via mobile devises or internet across more than 20 cities in China. Car owners are able to list their vehicles on Wukong’s platform to earn steady and secure returns from their assets. Wukong manages the cars and delivery platform to insure that customer rental experiences are high quality.

Website

“We love business ideas that disrupt and disintermediate traditional industries. From the start, we could see the power of Wukong Car Rental’s business model. It is asset-light from their balance sheet perspective and takes advantage of the fact that many car owners leave their cars idle for much of the time. Rather than buy a car that depreciates quickly and is underused, Wukong empowers people to let Wukong manage their car and give them an investment return. And car owners can use their car, or have access to an alternative car, easily. Ideas are great, but entrepreneurship is about the people. The Wukong management team had extensive experience at Audi Credit and had worked together for many years. This is a case of industry insiders remaking a part of their industry!”
Frank Zhang, Partner & General Counsel at PurpleSky
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