Diyi Chedai, a China-based automotive finance provider backed by car manufacturer BAIC Group, has raised RMB217m ($33.5m) in series A+ funding, China Money Network reported yesterday, citing local media reports.
China Growth Capital led the round, investing together with fellow venture capital firm Matrix Partners.
Founded in 2013, Diyi Chedai operates an online platform that issues loans to vehicle buyers. It has so far supplied RMB4bn in financing to car buyers, dealers, automotive logistics service providers and financial leasing firms.
The company previously raised an undisclosed amount in a 2015 series A round featuring BAIC, Matrix Partners and state-owned investment conglomerate Citic Group.