China-based automotive e-commerce platform Chehaoduo has increased its series D round to $1.7bn following a $200m extension from telecommunications conglomerate SoftBank and VC firm Sequoia Capital China, China Money Network reported today.
SoftBank invested through its Vision Fund, having supplied the initial $1.5bn tranche through the same vehicle in February 2019.
Chehaoduo, spun off from classified marketplace Ganji in 2015, runs new and used car trading platforms. The company also supplies automotive parts and offers car financing and maintenance services.
The series D extension will enable the company to expand its after-sales offering, bolster operations of its car trading portals and seek strategic collaborations.
Chehaoduo has raised more than $3.5bn in total equity financing so far. Online classified listings operator 58.com agreed to sell part of its stake to an unnamed third-party investor for more than $713m at the same time as Chehaoduo announced its initial series D tranche.
Internet group Tencent led an $818m series C round in March 2018 with contributions from Shougang Fund, an investment unit of steel manufacturer Shougang, as well as ICBC International and Singapore’s sovereign wealth fund GIC.
Shougang-backed Jingxin Venture Capital took part in a $400m series B round in 2017 together with financial services firm China Merchants Bank’s CMB International division, H Capital, Dragoneer Investment Group, Matrix Partners China and BlueRun Ventures.
Chehaoduo’s backers also include Tiantu Capital, DST Global, Nuoweiqi VC, CKE, Kunshan’s municipal government, Yunfeng Capital, FountainVest Partners, IDG Capital, Taihe Capital, Capital Today, Shanhang Capital Investment, GX Capital, Hike Capital, Welight Capital and StarAngelFund.
