Chehaoduo, a China-based automotive e-commerce platform backed by internet company Tencent, has raised $162m in series C-plus funding from investors including investment manager Tiantu Capital, China Money Network reported yesterday.
DST Global, Nuoweiqi VC and CKE also contributed to the round, which valued the company at $6.6bn post-money.
The funding was raised alongside RMB3bn ($430m) of financing from the city of Kunshan’s municipal government, though it is unclear what form that investment took. Chehaoduo will situate its after-sales services subsidiary, Maodou, in the city’s economic development zone.
Chehaoduo was spun out of classified marketplace Ganji, and in addition to Maodou also operates a used car auction and trading platform known as Guazi.
The capital will enable Chehaoduo to build additional offline car dealerships across China while exploring the development of big data and artificial intelligence technologies.
Tencent led an $818m series C round for the company in March this year that included Shougang Fund, an investment arm of steelmaker Shougang; ICBC International, a unit of Industrial and Commercial Bank of China; and Singaporean sovereign wealth fund GIC.
Yunfeng Capital, FountainVest Partners, IDG Capital, Taihe Capital, Sequoia Capital China, H Capital, DST, Capital Today and Shanhang Capital Investment also took part in the series C.
Chehaoduo had previously closed a $180m series B-plus round in November 2017 featuring Capital Today, Sequoia China, H Capital, DST and a subsidiary of financial services firm Bank of China Group.
Shougang-backed Jingxin Venture Capital had joined financial services firm China Merchants Bank’s CMB International unit, H Capital, Dragoneer Investment Group, Matrix Partners China and BlueRun Ventures for a $400m series B round five months before.
The company had closed a $250m series A round in 2016, with the funding supplied by Sequoia, Matrix, BlueRun, GX Capital, Hike Capital, Welight Capital and StarAngelFund, following a reported $60m in earlier angel investment.
Online classified listings portal 58.com also owns a stake in Chehaoduo thanks to its acquisition of Ganji in 2015.
