Beijing-based used-car online auction platform Youxinpai has raised US$260 million series C round of financing led by private equity firm Warburg Pincus and New York-based investment firm Tiger Global Management LLC, according to a company announcement.
Other undisclosed investors also participated in the round.
Launched in 2011, Youxinpai previously raised two rounds of financing from venture capital firms Legend Capital, Bertelsmann Asia Investments (BAI), DCM and Tencent Holdings Limited.
Youxinpai provides second-hand car auction services in 365 cities in China, and operates six Brick and mortar auction facilities. It claims it has close to 15,000 second-hand car dealers using its services.
The automobile sector has attracted enormous venture investments in China. In July, another Beijing-based online platform for second-hand car YouChe.com received US$10 million in series A financing led by IDG Capital.
In February, second-hand car trading platform Cheyipai received US$50 million in series C funding led by Sequoia Capital.
