Chinese peer-to-peer (P2P) car rental platform Atzuche announced on Monday that it has received funding of 300 million yuan ($46.89 million) in its Series B financing round.

Investors involved in this round include China Pacific Insurance, Ivy Capital, Ce Yuan Ventures, Matrix Partners China and other venture capital funds, news portal jiemian.com reported on Monday.

Atzuche finished its Series A fundraising of about $10 million in October 2014.

Since its official launch of the car rental website atzuche.com in May 2014, Atzuche has expanded its business to 12 cities across the country such as Beijing, Shanghai, Guangzhou and Shenzhen in South China's Guangdong Province, Nanjing in East China's Jiangsu Province, Hangzhou in East China's Zhejiang Province and the municipality of Chongqing, with more than 1 million members and at least 100,000 vehicles registered with the platform.

It has also established a strategic cooperation relationship with China Pacific Insurance, which jointly developed new coverage especially for the P2P car rental business.

"Atzuche's market share in eastern China has exceeded 90 percent, and this area accounts for 60 percent of the total orders received," Zhang Wenjian, co-founder and chairman of Atzuche, was quoted as saying by jiemian.com.

Global Times