Jybd.cn, a China-based automotive aftermarket services provider backed by trucking services marketplace Manbang Group, has closed a RMB350m ($50m) series B round, China Money Network reported today.
The round was led by Sino-Ocean Capital, an investment arm of diversified holding company Sino-Ocean Group. The company had previously raised $46m in series A funding from Manbang in July 2018.
Founded in 2017 and owned by Jiayi Bingding E-commerce, Jybd has built an online-to-offline platform that connects automotive parts manufacturers to vehicle maintenance service providers.
The company aims to serve the entire aftermarket sector and has also developed tools for areas such as customer relationship management, logistics and payment processing.
Following the series B round, Jybd will double down on areas including shared warehousing for complementary clients, upgrading its technology, increasing headcount, exploring potential acquisitions and strengthening its supply chain.
China Money Network also identified Shenzhen Road and Investment and Citic Capital Management, a part of investment manager Citic, as existing shareholders, and reported that Jybd had raised three funding rounds to date.
