Private equity firm Bain Capital has invested $200 million in Chinese tech startup Newlink Group, Reuters reported.
Newlink Group’s total fundraising touched $300 million this year. Newlink helps drivers in China to find gas stations and vehicle charging points through an online platform which includes the apps “Tuanyou” and “Kuaidian”.
Its diverse group of investors includes smartphone developer Xiaomi Corp and bank China International Capital Corp.
Newlink also plans to convert some independent gas stations into Newlink-branded hubs that include gas stations, electric vehicle charging piles, auto maintenance services and convenience stores.
“We hope Newlink can help accelerate the digitisation efforts of China’s energy ecosystem and support China’s transition to a low-carbon economy by improving efficiency and promoting the shift to electric vehicles,” said Drew Chen, managing director of Bain Capital Private Equity.