March 2, 2018
Beijing-based online car trading platform Chehaoduo has raised $818 million in a Tencent Holdings-led Series C funding round, less than five months after it reached the unicorn status in late October.
According to a China Money Network report, the Series C round of financing was also joined by a number of new investors, including ICBC International, Yunfeng Capital, FountainVest Partners, GIC, IDG Capital, and Taihe Capital.
Existing investors Sequoia Capital China, H Capital, DST Global, Capital Today, Shougang Fund, and Shanghai Capital Investment also joined in the financing round.
Chehaoduo, which has combined two of its platforms Guazi.com for used cars and Maodou for new vehicles under itself, achieved the unicorn status in October 2017 after raising $180 million Series B+ round from a number of investors.
Widely known for its brand Guazi operating in over 200 cities across 30 provinces in China, the three-year-old Chehaoduo also offers car appraisal, vehicle financial services, and insurance services.
It raised an angel investment round of $60 million from unnamed investors, followed by a $250-million Series A round in September 2016 from Matrix Partners China and BlueRun Ventures.
Online car trading platforms in China have been attracting lot of investor interest. In November 2017, Alibaba Group became the largest institutional investor in Chinese car trading site SouChe after leading a $35-million Series E funding round in the firm.
The funding round also saw participation from existing investor Warburg Pincus, Primavera Capital, and CMB International.
Less than two weeks later, Beijing-based online car retailer Huashenghaoche has received a $150-million investment from Minsheng Financial Leasing Co Ltd, a financial leasing service provider.
In January this year, Huangzhou-based online car trading platform Weacar and Shanghai-based fitness service platform FitStart have raised tens of millions of RMB in their pre-series A funding round.
Tongkong Investment Group led the funding round for Weacar, with participation from Guangzhou HOZDO Visual Logistics.
Also Read:
Didi Chuxing invests $200m in Chinese used car platform Renrenche
China’s used car platform Souche secures $180m in Warburg-led series D round