China-based automotive aftermarket services provider Jiangsu New Carzone Auto Parts secured $200m yesterday in a series D round featuring e-commerce group Alibaba.
Investment firm Asia Investment Capital led the round, which included Yunlong Capital. It took the company’s valuation between RMB9bn and RMB10bn ($1.4bn to $1.6bn), according to iFeng News.
Founded in 2018 by automotive parts producer Carzone, car maintenance service Qiche Chaoren and Alibaba’s business-to-consumer retailer platform, Tmall (formerly Taobao Mall), New Carzone has built an after-market e-commerce portal that helps users access services including car repair and maintenance.
New Carzone will use the money to improve its platform and supply chain management. It had raised $380m in pre-series D funding from Yunfeng Capital, Warburg Pincus and PAG in early 2019.
Alibaba had held a 47% stake in the company when it took part in a $248m round in 2018, investing alongside trailer tyre producer Zhejiang Jingu Wheel, Yunfeng Capital and Warburg Pincus.
