BEIJING (Reuters) - Chinese smart car supplier Banma said on Wednesday that it has raised 3 billion yuan ($463 million) from existing investors including Alibaba, SAIC Motor and others.

Banma, which is developing in-car software, did not disclose its valuation after the investment.

Apart from Banma, Alibaba and SAIC Motor are working on a new electric vehicle brand called IM.

($1 = 6.4744 Chinese yuan renminbi)

(Reporting by Yilei Sun and Tony Munroe; editing by Jason Neely)

Source: https://www.reuters.com/technology/chinese-smart-car-supplier-banma-raises-460-mln-alibaba-saic-motor-others-2021-07-14/