RenRenChe, a China-based online used vehicle marketplace backed by internet group Tencent, has raised $150m in funding, China Money Network reported today.
Merchant bank Prometheus Capital, investment group China Minsheng Investment, asset manager HanFor Holdings, Xinjun Capital and venture capital firms Shunwei Capital, Ceyuan Ventures and Redpoint Ventures provided the funding.
Launched in April 2014, RenRenChe runs an online platform where users can buy and sell vehicles. It has been responsible for sales of more than 200,000 used cars altogether, with monthly transaction volume reaching 18,000 in July this year.
The company formed an alliance with Tuanchewang, a subsidiary of internet company Weibo, last month to set up a network of car servicing centres, and is collaborating with financial services firms PingAn Bank and Weizhong Bank to provide loans for customers on the site.
RenRenChe has now raised about $260m in funding altogether, having received $85m in an August 2015 series C round led by Tencent that included Ceyuan Ventures, Redpoint Ventures and Shunwei Capital, and which valued it at $500m.
Redpoint had initially invested $5m in RenRenChe in April 2014 before Ceyuan Ventures and Shunwei Ventures joined it for a $20m series B round five months later that valued the company at $150m.