Renrenche, the China-based operator of an online used vehicle marketplace, is set to receive $300m from investors including ride hailing service Didi Chuxing, the South China Morning Post reported today.
Internet group Tencent is also looking to back the round, which will be led by investment banking firm Goldman Sachs.
Founded in 2014, Renrenche operates an e-commerce platform for second-hand cars that is active in more than 80 cities across China.
The company is also looking to develop financing services later this year and plans to explore opportunities in the after-sales market in partnership with Didi.
Didi expects to purchase a million used and new cars through Renrenche over the next three years. The new funding will be used by Renrenche to drive recruitment and invest in the development of technology around car sales.
The round will bring Renrenche’s total funding to approximately $760m. Didi injected $200m in the company in September 2017, a year after it raised $150m from investors including industrial park builder HanFor Holdings.
The September 2016 round also featured China Minsheng Investment, a division of China Minsheng Bank, as well as Prometheus Capital, Xinjun Capital, Redpoint Ventures, Shunwei Capital and Ceyuan Ventures.
Tencent provided $85m of funding for Renrenche in 2015, adding to earlier investments supplied by Redpoint Ventures, Ceyuan Ventures and Shunwei Ventures.