China-based online automotive trading marketplace Chemao has raised RMB1.2bn ($189m) in a series B round led by power and industrial equipment conglomerate Zhefu Holding Group, China Money Network has reported.
Founded in 2012, Chemao’s platform covers second hand car sales in six Chinese cities including Beijing, Shanghai and Hangzhou. It has not disclosed details of its funding at series A stage or earlier.
The funding was provided in the aftermath of Chemao setting up a second-hand car financing business in partnership with Chemao and personal finance app provider Wacai.