China-based online car retailer Huashenghaoche has received $150m in funding from Minsheng Financial Leasing, a vehicle leasing arm of China Minsheng Bank, DealStreetAsia reported today.
Huashenghaoche operates an online marketplace where customers can purchase and lease vehicles, also offering a comprehensive array of pre-sales and after-sales services.
Minsheng specialises in leasing aircraft as well as medical, energy and environmental equipment, though the two companies did not reveal if they are entering a strategic partnership, or for what purpose the capital will be used.
Huashenghaoche’s past investors include e-commerce firm JD.com, which participated in a series A round of undisclosed size, and automotive company Dongfeng Motor Group, which owns a minority stake, according to deals database CB Insights.
Venture capital vehicle FreesFund had also provided an undisclosed amount in seed funding for Huashenghaoche.
JD.com formed a partnership with Dongfeng Motor Group and automotive manufacturer SAIC Maxus Automotive in September 2017 to research the potential use of autonomous vehicles for its logistics needs.