(Yicai Global) April 2 -- The founder of Chinese online ride-hailing unicorn Banma Kuaipao Technology has asked the firm's debtors and unpaid employees to remain calm in the face of turmoil as the company has its eyes on fresh financing.

Banma Kuaipao has almost secured a new funding round worth "several hundreds of millions of Chinese yuan," while more than CNY2 million (USD297,600) worth of salaries and social security is still unpaid, Chief Executive Li Jia told Yicai Global yesterday. The company can remain operational because of Li's personal funds worth CNY30 million, he added. 

Banma Kuaipao, once valued at CNY5 billion (USD774.1 million), explained why the company is in trouble in a Weibo microblogging post yesterday, asking for patience. 

A lack of funds has forced the company to cut down costs, trim its business model, and look for fast returns, so it has laid off some staff, given up parts of its offices, defaulted on advertising contracts, and failed to pay wages and social insurance to some current and ex-employees.

The firm faced the biggest challenge in development last year, Li told Yicai Global, adding that the company went through three failed rounds of financing.

The Jianye District People's Court in Nanjing credit blacklisted Banma Kuaipao on March 18 after the firm failed to pay CNY350,000 (USD52,100) in fees to Nanjing Railway Advertising, as well as an interest of CNY20,000 (USD3,000).

The salary arrears amounted to CNY6.1 million as of last December, but the company has paid nearly CNY3 million (USD148,800) in wages and social security before the Spring Festival in early February, according to Li. Chinese media reported mid-March that the company's economic pinch had not eased despite rectification orders from local authorities. 

Founded in 2015, Banma Kuaipao has obtained ride-hailing licenses in 150 Chinese cities, ranking second-biggest in the country. The company currently drives in more than 30 cities. The firm has published plans to go public by 2020.

Editor: Emmi Laine