This is the third time Nio raised funds via private placement in the last month. The company sold convertible notes and raised $70 million at the beginning of February and another $100 million in the middle of the same month.
“China’s digital services economy has prospered during the crisis as people shifted to online consumption,” said Bill Russo, CEO of consulting firm Automobility Ltd. “This will accelerate the commercialization of autonomous service delivery solutions. Neolix and others stand to benefit.”
The Bengaluru-based firm competes with US rival Uber whose lukewarm IPO last year has contributed to the lag in valuation trend among the unicorns across the Indian start-up ecosystem, according to the analysts.
"Non-app based taxis which are usually hailed through calling the local taxi stand or contacting the driver directly over the phone or hailed from a taxi stand or hub also seem to be a preferred choice, but only to a limited extent," showed the survey by Consumer Unity and Trust Society (CUTS) International.
Geely’s satellites represent a different approach to its peers, with the company intending for the satellites to offer high-speed connectivity, navigation and cloud computing capabilities to assist its autonomous vehicles.