eHi Auto Services, a Shanghai-based car rental company in China, has received an investment of over $100 million from Ctrip.com International Ltd. (CTRP), an online travel agency in China, and existing investors. Ctrip will become the second largest strategic partner after Enterprise Holdings, which invested in eHi in 2012.
"We are glad that Ctrip, the largest OTA in China, has become our strategic investor and partner through this equity investment," said Ray Zhang, CEO and founder of eHi Auto Services, China. "There will be many areas eHi and Ctrip may work together on to provide better travel products for Chinese consumer and corporate customers. We are excited this is a comprehensive partnership that will be mutually beneficial for both companies in a fast-growing travel industry in China. ..."
According to PhoCusWright's market research, China passed Japan as Asia's largest travel market in 2012 at $96.2 billion, with car rental growing the fastest of all segments. This trend is expected to continue as car rental catches on with an emerging group of young travelers.
eHi’s services span across 80 cities and more than 400 service outlets — with a fleet size that exceeds 13,000 vehicles and 100 different vehicle types, according to the company.