PPZuche, a China-based peer-to-peer car lending portal backed by IDG Capital Partners, an investment affiliate of publisher International Data Group, has closed a $50m series C round, China Money Network reported today.
The round, which has not yet been officially confirmed, was led by venture capital firm Tiantu Capital.
Founded in 2013, PPZuche operates an online marketplace for car owners to rent out their vehicles to other users. The service currently operates in 11 cities across China, and claims to have more than 100,000 registered cars.
IDG Capital Partners and Morningside Ventures co-led a $60m series B round in November 2014. Source Code Capital, Mingshi Capital and Qingliu Capital also contributed funds to that round.
Sequoia Capital China and Crystal Stream Capital provided $10m in series A funding in June 2014. Previously, Singapore’s National Research Foundation and Redot Venture injected $480,000 in seed funding in 2013.