eHi Car Services, Shanghai-based auto rental and chauffeuring company, has announced that Tiger Global Management LLC and SRS Investment Management LLC, two New York hedge funds, are investing up to $150 million in shares for the car rental provider to expand its services in China, according to a Wall Street Journal report.
Under the agreements, Tiger Global and SRS are providing $134 million while the rest of the shares are being sold to Tiger Global and SRS by existing investors, including Ctrip.com International Ltd., according to the report.
Last year, eHi Car Services operated a fleet of nearly 20,000 vehicles in 99 cities across China. The company plans to expand that number to 35,000 to 40,000 vehicles this year, says the report.
Click here for the full Wall Street Journal report: http://www.wsj.com/articles/tiger-global-srs-to-invest-in-chinas-ehi-car-services-1432286272