Chinese smart car supplier Banma raises $460 mln from Alibaba, SAIC Motor, others - Reuters

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BEIJING, July 14 (Reuters) - Chinese smart car supplier Banma said on Wednesday that it has raised 3 billion yuan ($463 million) from existing investors including Alibaba (9988.HK), SAIC Motor (600104.SS) 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

Our Standards: The Thomson Reuters Trust Principles.

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Chinese smart car supplier Banma raises $460 mln from Alibaba, SAIC Motor, others - Reuters
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