China-based automotive marketplace Youxinpai is seeking up to $400m in a funding round that will include internet company Baidu, China Money Network reported yesterday.
Founded in 2011, Youxinpai operates an online platform where users can buy and sell used vehicles. It received $170m in funding from Baidu, private equity firm KKR and investment manager Coatue Management in March this year.
The company previously raised $260m in a September 2014 series C round co-led by Warburg Pincus and Tiger Global Management.
Legend Capital, which acts as conglomerate Legend Holdings’ corporate venturing arm; Bertelsmann Asia Investments, a subsidiary of media group Bertelsman; internet company Tencent and venture capital firm DCM provided $30m of series B funding for Youxinpai in 2013.
Youxinpai is looking to raise the capital in order to shore up its position in the Chinese used car sector, where Cheyipai and Chemao have both closed nine-figure rounds this year, and where ride hailing company Didi Kuaidi is reportedly interested in investing.