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CHINA BRIEF | Tencent buys into battery-recharging facility operator Xiaolvren

The country’s electric battery recharging or swapping sector has been drawing venture capital recently.

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Beijing-based battery recharging startup Xiaolvren has closed a Series B+ round, bagging “several tens of millions of RMB” from Tencent (HKG: 0700), local outlet 36Kr has learned.

Founded in 2016, Xiaolvren runs recharging facilities for two and three-wheeled electric scooters in more than 100 cities including Beijing, Guangzhou, Shenzhen, and Haikou.

Xiaolvren’s recharging stations can be accessed and paid for using WeChat, and users include food-delivery drivers, express couriers, as well as individuals with e-scooters. The company made RMB 150 million (USD 22 million) in revenue in 2018.

This deal marks another move by Tencent in the electric battery sector. The company invested in electric vehicle battery-swapping facility provider Yiqi Huandian in a Series B in March 2019.

Recently, China’s electric battery recharging or swapping market has increasingly drawn venture capital firms. Guangzhou-based battery-swapping technology provider Aulton, for example, gained a strategic investment from SB Energy, SoftBank’s renewable energy subsidiary, KrASIA reported earlier this month.

This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.