China-based vehicle-selling service provider Souche.com has secured $180m in a series D round that included online lending platform and wealth management service CreditEase, China Money Network reported yesterday.
Private equity firm Warburg Pincus led the round, which included ClearVue Partners, Morningside Venture Capital, Haitong International Securities and undisclosed additional participants, according to local media reports.
CreditEase made its contribution to the round through its venture capital subsidiary, CreditEase New Financial Industrial Fund.
Souche supplies software to used car retailers that manages transactions and operations for them while enabling them to keep in contact and work with each other.
The company, which claims to have been responsible for the sale of more than 510,000 vehicles over the course of 2016, has also launched a product that allows buyers to purchase cars with a down payment of 10% rather than the usual 30%.
The latest funding follows $100m in series C capital supplied by chauffeured car service UCar and Ant Financial, the financial services affiliate of e-commerce group Alibaba, in November 2016
Investors including Sequoia Capital, Morningside Ventures, Ferry Venture Capital and Yuan Du Ventures had provided about $11m to Souche across two rounds in 2013.