China-based online car trading platform Huashenghaoche has raised $210m in a series D round backed by JD Finance, the financial services spinout of e-commerce firm JD.com, China Money Network reported today.
The round was led by private equity firm Crescent Point Group and also featured investment bank Goldman Sachs and venture capital firm Frees Fund.
Founded in 2015, Huashenghaoche operates an online marketplace and a chain of 400 brick-and-mortar stores where customers can buy or rent vehicles. It also offers related services such as automotive financing and insurance products.
Huashenghaoche will use the series D funding to open additional stores, make its operations more efficient and explore additional offerings.
The company had previously secured $150m in capital from Minsheng Financial Leasing, a vehicle leasing arm of financial services firm China Minsheng Bank, in November 2017.
JD Finance had already participated in a series A round of undisclosed size for the company, after Frees Fund had supplied $4.3m in angel funding.
Automotive manufacturer Dongfeng Motor Group also owns a minority stake in Huashenghaoche, according to deals database CB Insights, though details of its investment could not be ascertained.
